SM Prime Holdings Inc. and Ayala Land Inc. gained approval for the development of a 26-hectare land parcel at the 300-hectare South Road Properties in Cebu, Philippines, The Philippine Daily Inquirer reported.
The local city council approved the joint venture's development proposal for an information technology park at the site. The IT component was a condition for SM Prime and Ayala Land's registration deal with the Philippine Economic Zone Authority, according to the Oct. 9 report.
The property developers will still be required to observe the city government's rules and regulations, including the procurement of regulatory permits and payment of fees, according to City Councilor Joy Pesquera.
In July 2015, SM Prime and Ayala Land won the development rights for the South Road Properties site for 10 billion Philippine pesos through a joint-venture bid. Ayala Land CFO Jaime Ysmael, however, clarified that the two companies will pursue separate development projects at the site.
As of Oct. 7, US$1 was equivalent to 48.27 Philippine pesos.