Investors may still submit offers to buy, develop lots

DESPITE the existence of an ordinance that prohibits Mayor Michael Rama from selling lots at the South Road Properties (SRP) without the Council’s approval, Rep. Tomas Osmeña (Cebu City, south district) said Rama can still accept unsolicited proposals from interested investors.

The ordinance does not prohibit anyone from submitting unsolicited proposals to the City Government, Osmeña said.

Section 2 of the “Ordinance Protecting the SRP and its Stakeholders from Unlawful and Unauthorized Transactions and Dealings” says unsolicited proposals from investors or stakeholders are welcome.

Such proposals will then be evaluated based on its merits by the Office of the Mayor and the City Council.

“The ordinance specifically mentioned that you can submit unsolicited proposals. No one is stopping anyone from submitting an unsolicited offer.

There is also nothing really that could prevent the City from receiving an unsolicited offer. I just want to clarify that,” he said.

Osmeña wants to clarify the matter as there have been impressions that interested buyers cannot express their desire to invest at the SRP because of the passage of the SRP ordinance.

SM Prime Holdings

Osmeña cited the SM Prime Holding’s purchase of a 30-hectare property at the SRP. He said the company submitted an unsolicited offer to the City.

Osmeña said what is prohibited by the ordinance is the bidding out of the lots and selling them to the highest bidder regardless of what they want to do with the property. This is what Rama wants to do, he said.

“It is something that we don’t like. With the ordinance, I am just really protecting the SRP,” he said.

Osmeña had said it was he who suggested to the members of the council to pass an ordinance that seeks to protect the SRP from unlawful and unauthorized transactions.