It is now nearing October 2014 and we haven’t seen ground works at the site of SM’s second mall in Cagayan de Oro City.
It was originally set to be completed in 2015 but as of this time, the lack of progress at the site will certainly move the opening to a much later date, say 2016. There has been a lot of rumors in the business sector that SM CDO2 Premier is “on hold” due to the high taxes imposed by the city government even before it starts construction. A businessman friend said a lot of local businesses were affected early this year of the sudden high taxes (or strict imposition) during their Business Permit renewal but they have to comply otherwise they will just close shop (Read LINK).
Going back to the SM project, a columnist in a local paper even hinted about the tax imposed by the city as a reason for the delay (Read it HERE).
But here are some good news, a local firm has reportedly been tapped for the pile driving of the said project while a large construction firm which has completed a large commercial development in the city is said to be the main builder for SM’s second mall.
But accordingly, everything will be a GO once the taxes will be settled first. Business taxes also cover not just the project owner but also project contractors as well.