Property giant SM Prime Holdings Inc. is looking to put up a mixed-use development in San Fernando, Pampanga, after acquiring a lot there for nearly a billion pesos, a company official said over the weekend.
SM Prime Senior Vice President for Commercial Properties Group David Rafael said the company bought the so-called Paskuhan Village in the province, through a bidding by the Tourism Infrastructure and Enterprise Zone Authority (Tieza) last year.
Rafael said a mixed-use development with residential and commercial components is being mulled for the property, which is adjacent to the SM City San Fernando mall.
“We’re looking at a mixed-use development, although it’s still in the planning phase,” he said.
Rafael said SM Prime bought the Paskuhan Village, measuring about 9.7 hectares, for around P10,000 per square meter, or a sum of P970 million.
The Paskuhan Village was established in 1990 and was officially known as the Philippine Christmas Village, as it is a Christmas-themed park known for being the only theme park in Asia that celebrated the Yuletide year-round.
The theme was meant to promote tourism and Pampanga’s lantern industry, which the province has become known for.
Situated at the intersection of the North Luzon Expressway (NLEx) and the Jose Abad Santos Avenue in Barangay San Jose, San Fernando, Pampanga, the property is just 65 kilometers away from Metro Manila and was under the management of the Philippine Tourism Authority.
Provincial officials were reportedly urging the SM Group to keep even just a portion of the property with its original function.