Mayor: SRP’s got new takers

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Thursday, December 12, 2013

CEBU City Mayor Michael Rama revealed that two more companies are interested in the South Road Properties (SRP).

Rama showed reporters the letter of Robinsons Land and the consortium of I-Land Co. Ltd. and Aquila Primary Corp.

Mybelle Aragon-Gobio, Robinsons Residences and Robinsons Luxuria senior vice president, wrote the mayor to “signify (her company’s) serious intent to acquire property at the SRP.”

“We are open to an acquisition through a joint venture with the government or an outright sale,” read Gobio’s letter, which reached the mayor’s office last Tuesday.

The property Robinsons is eyeing is lot 8-B, which has a land area of 263,384 square meters. SM Prime Holdings Inc. is eyeing the same property, the site of the San Pedro Calungsod thanksgiving mass last year.


In her letter, Gobio asked for a meeting with Mayor Rama or a designated representative so that specific proposals can be discussed.

In an earlier pronouncement, former councilor Jose Daluz III said the sale is expected to generate about P5.4 billion when sold at P22,000 per square meter.

I-Land Co. general manager Kazuhito Matsuda and Aquila Primary Corp. president William Christopher Liu Jr., on the other hand, expressed their intent to lease a portion of the SRP for a retirement facility.

The consortium said it was submitting an unsolicited proposal to lease 12,500 square meters at the SRP.

“This affirms our commitment, after several meetings with the city mayor, to invest in SRP to help spur economic development in the area,” the letter read.

The retirement facility is described to have furnished or non-furnished units, a recreational area, parking lot and other amenities for Japanese retirees.

Japan has a large elderly population.

Matsuda and Liu estimated the project to cost at least P1.35 billion consisting of three buildings with a total of 850 units.


It aims to accommodate at least 1,125 retirees and will generate employment to over 2,000 Cebuanos.

“That will help spur the construction industry and the local economy in general,” the consortium said.

The consortium wants to lease the property for 25 years with the option to renew it for another 25.

The price proposed is $0.5 per square meter every month or P275,000 a month in the current exchange rate.

The joint venture intends to start the project immediately after approval of the unsolicited proposal.

But just like any contract, Rama will have to seek the authority of the Cebu City Council to enter into a formal agreement with investors.

Published in the Sun.Star Cebu newspaper on December 13, 2013.

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