Sunday, June 23, 2019

SM Eyed This Property In Iligan City. KCC Purchased It.

SM Eyed This Property In Iligan City. KCC Purchased It.
It has been reported that SM had been looking for properties in Iligan City as early as 2014
SM Eyed This Property In Iligan City. KCC Purchased It.
It has been reported that SM had been looking for properties in Iligan City as early as 2014
BY MEB ADMIN
Reports were piling up that SM brokers were the first to make deals with the lot KCC purchased in Iligan City. The strategic location, now fenced by the soon-to-be resident KCC Mall of Iligan (not the official name), was reportedly contested by the two mall developers aforementioned.

Several City Hall employees confirmed SM’s interest in the said property. One employee told MEB in an online interview that SM had been looking for properties in Iligan City as early as 2014.

However, property hunting is not uncommon for big real estate developers. Development enthusiasts call it ‘land-banking’, a strategic buying of properties for companies to develop in the future.

Land-banking of big developers has been observed in several cities in Mindanao. For example, SM had been reported buying properties in Koronadal. Ayala Land’s land-banking in Laguindingan is well-documented in the said company’s annual report. Those pieces of land owned by big developers do not necessarily become construction sites in the next few weeks.

Some sources attested that the said SM brokers had expressed serious interest in the KCC lot. Accordingly, what made them withdraw from buying property was the peace and order situation in the city.

Another City Hall employee assured that SM had already found her space in the dense downtown Iligan, but refused to mention the specific place.

“Basta sir dool ra sa Rob.” She told a MEB Editor last two weeks.

It can be recalled that residents of nearby area of Robinsons Place Iligan reported alleged SM’s business dealings in their properties.

Kiel Liam-as, 22 years old, a resident near Robinsons Place Iligan, verified the rumor. He claimed that some people from SM were on the process of buying their property. However, there has never been confirmation from SM’s end about making deals with real estate properties in Iligan City. Iligan was not even one of the cities to host the next four SM malls in Mindanao as published in various press release.

In most cases, big shopping mall developers veil business dealings, especially, in the area of land-banking.

If several sources from local government of Iligan were to be asked, the property KCC now owned was once eyed by SM. Its strategic location must have had looked like a crisp apple to several investors.


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