BACOLOD CITY (PNA) – The city government has formalized a partnership with property giant SM Prime Holdings Inc. to modernize the Manokan Country, the famous row of chicken inasal (grilled chicken) stalls at the reclamation area here.
The Manokan Country Redevelopment Project involves a multi-billion contract for the lease and development of various city properties signed between Mayor Alfredo Abelardo Benitez and SM Prime President Jeffrey Lim, represented by SM Supermalls President Steven Tan, during the ceremony held at the Bacolod City Government Center on Friday afternoon, October 20.
In this public-private partnership, SM Prime has committed a P3 billion minimum cost of investments in the leased premises aside from paying an annual rental of P21.26 million. Following the contract signing, SM Prime turned over to Benitez the amount of P131.89 million, representing seven years of advance rental payments under the agreement, with an annual rental fee subject to a five percent escalation rate every three years.Stall tenants will occupy the provided space in the parking lot at the nearby SM City Bacolod while the development is ongoing.
He noted that the design of the new Manokan Country has been"greatly influenced by the company’s passion to provide customers, including chicken inasal entrepreneurs, with a world-class facility they can really be proud of.”
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