SM Prime Holdings has formally submitted a proposal to lease the government run Olongapo City Mall and turn it into one of the most widely known shopping mall in the country-SM.
In its proposal SM prime holdings said that the company would lease the Olongapo City Mall for 25 year with an extension of another 25 years.
It also offered the local government to assume the city’s obligation to DBP and LBP amounting to P112,612.308.00 and an annual lease rate of P25.00 per square meters.
City councilor Edwin Piano however told Subic Times that despite the council’s acceptance of the proposal it does not bind the city government to agree with the proposal but only serves as a go signal to start negotiating with the said company.
“We will be deliberating it sa Konseho next meeting,” Piano said.