Property giant SM Prime Holdings (SMPH) will undertake the redevelopment of Iloilo Central Market and Iloilo Terminal Market or "Super" – the two biggest public markets in Iloilo City.
Upon the recommendation of the Public Private Partnership – Selection Committee (PPPC), Mayor Jerry Treñas awarded the Notice of Lease Agreement to the Sy-led company.
According to PPPC, no entity has submitted a better proposal during the Swiss challenge period, which ended on July 25.
On Friday, July 29 July 29, Treñas who represented the city government and SMPH officials signed the long-term lease contract.
The redevelop project aims provide the city with a sustainable multi-use market complex that will boost business activities, as well as preserve the economic value of the Old Central Business District.
The city government has been conducting a regular consultation with vendors and multi-sectoral stakeholders to discuss the proposed redevelopment of the markets.
Once the project is realized, Treñas said vendors and consumers will have modern markets that are cleaner and more convenient.
Part of the project are the allocation of parking spaces to avoid traffic congestion; installation of comfort rooms, wastewater treatment facilities and drainage system to prevent perennial flooding; and the implementation of solid waste management.
Treñas, meanwhile, assured that bonafide stall holders of their respective spaces as the city government will continue to manage the ground floors.IMT