Bacolod City formalized a partnership with SM Prime Holdings Inc. to modernize Manokan Country, the popular row of chicken inasal stalls at the reclamation area.
The Manokan Country Redevelopment Project involves a multi-billion contract for the lease and development of various city properties signed between Bacolod City Mayor Alfredo Abelardo Benitez and SM Prime President Jeffrey Lim, represented by SM Supermalls President Steven Tan, during a ceremony held at the Bacolod City Government Center.
SM Prime committed a P3-billion minimum cost of investments in the leased premises aside from paying an annual rent of P21.26 million in the public-private partnership.
The 40-year lease agreement covers about 16,875 square meters or about 1.68 hectares, including the Manokan Country and the adjacent city government-owned lots.
Following the contract signing, SM Prime turned over P131.89 million to the mayor, representing seven years of advance rental payments under the agreement, with an annual rental fee subject to a five percent escalation rate every three years.
The completion target for the Manokan Country Redevelopment Project is June 2025.
Stall tenants will occupy the provided space in the parking lot at the nearby SM City Bacolod while the development is ongoing.
SM Prime Holdings treasures the relationship with Bacolod City and remains committed to further enhancing the shopping and dining experience, especially at Manokan Country.
Lim also noted that the design of the new Manokan Country has been “greatly influenced by the company’s passion to provide customers, including chicken inasal entrepreneurs, with a world-class facility they can really be proud of.”
In the meantime, Tan said that Manokan Country, as a cultural icon and a representation of the warmth and hospitality of Bacolod, needs to be modernized to stay relevant.