New P3B SM Mall Complex to rise in Olongapo
By Vic V. Vizcocho, Jr.
SM PRIME HOLDINGS and the City Government of Olongapo has signed a Memorandum of Agreement (MOA) for the construction of a P3B mall complex in the city that will include a riverside development project and seven (7) storey building that will house the city college.
“This is the beginning of something big that will propel the city’s development,” Mayor Rolen C. Paulino said, “this will benefit all sectors in our community.”
Before city officials, select guests and personalities at City Hall, Paulino signed the MOA for Olongapo with Jeffrey C. Lim, executive vice president, signing for SM Prime Holdings.
Subic Bay Metropolitan Authority (SBMA) director and Olongapo First Lady Cynthia Paulino and SM Prime Holdings vice president for operations Bien C. Mateo joined the witnesses to the MOA signing.
The MOA allows SM Prime Holdings, mother company of SM Group’s shopping malls, to develop a mall complex in the area currently occupied by Gordon College, the City Library, Convention Center, Tennis Courts, etc., except Marikit Park, which according to Paulino, will remain the “people’s park.”
Lim said, first to be constructed in 2015 will be the 7-storey building in the compound of East Tapinac Elementary School where Gordon College will be moved.
The riveside development plan will enable ferry service or river taxi in East Bajac-Bajac and Kalaklan rivers.
A new bridge crossing Kalaklan river will also be constructed as part of the agreement in anticipation of increased traffic to and from the city.
The new SM Mall will be complemented by a parking building with a minimum capacity of 1,500 vehicles and 200-room hotel tower, among others.
“This is a welcome development,” said Ruben de Guzman, president of the Metro-Olongapo Chamber of Commerce & Industry, Inc. (MOCCI), “we look forward to see it realized.”
