Real estate firm mulls venture in Cebu City-A A +A
Thursday, October 17, 2013
ROCKWELL Land Corp. will invest about P3 billion in Cebu City.
This was the pronouncement made by Rockwell president Nestor Padilla in a courtesy call with Mayor Michael Rama last Monday, according to Facebook account of the Cebu City Public Information Office.
Rama did not confirm the amount nor did Rene Mercado, the chairman of the Metropolitan Cebu Water District and the mayor’s appointed spokesperson on the matter.
What Mercado did confirm was Rockwell’s intention to invest at the South Road Properties (SRP).
“They’re excited but they have not really formalized their intention. They’re looking at it and they offered to help in urban planning,” Mercado told Sun.Star Cebu.
Mercado said Rockwell executives headed by Padilla was toured at the SRP, where they “made some comments” on the development.
When asked what these comments are, Mercado just laughed and refused to say more.
Rockwell has acquired 3.2 hectares of land in Barangay Lahug for its first project outside Metro Manila.
Mercado said the group intends to put up a four-story residential complex in the area.
With a reported investment of P3 billion, the project is aimed to generate P4.6 billion for the company in the next four years.
The representatives from Rockwell were Padilla, Davy Tan and Paolo Reyes. They were accompanied by Ed Gallego of Gallego Architects.
On the side of the City Government, there was Rama accompanied by Mercado, Roberto Varquez of the SRP Management Office and Jonathan Tumulak, the operations head of the Cebu City Traffic Operations Management.
Mercado said Rockwell raised some concerns about the traffic in the Lahug area.
Rockwell executives showed Rama and other representatives from the City the master plan of the development in Barangay Lahug.
From his eighth floor VIP lounge, Rama showed Rockwell representatives the view of the Senior Citizen’s Park, which he considers a benchmark project.
Published in the Sun.Star Cebu newspaper on October 18, 2013.