City Hall wants to sell 26-ha. templete site

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Friday, August 1, 2014


CEBU City's executive department wants to sell this month the 26-hectare lot at the South Road Properties (SRP) where the templete of San Pedro Calungsod stands.

Former city councilor Jose Daluz III, chairperson of City Hall's committee on awards, said they will be submitting to the City Council in the coming weeks the endorsement that seeks to authorize the executive department to conduct public bidding for the lot.

In an interview yesterday, Daluz said he is hoping that the selling of the 26-hectare property would be supported by the legislative body, saying that there are four investors who expressed interest in it.

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Daluz refused to name the investors, but he said they are “big players” in the country.

Revenues

Mayor Michael Rama earlier said SM Prime Holdings Inc. and Robinsons Land has expressed intent to buy the property.

Daluz said the sale of the 26-hectare lot at the SRP is expected to generate billions of pesos for the City Government. He said he cannot give an exact amount yet and the mayor wants to sell the property at a higher price.

“The appraisal of the City Assessor's Office is P18,000 per square meter but the mayor wants to raise it,” he said. “We will have to wait for the mayor (to know) how much he really wants,” he added.

The mayor is in the United States and will be back on Aug. 12 yet.

Taxes

Once sold, Daluz said, the new owner would have to pay real property taxes to the City. “If sold this year, we can collect tax next year. My estimate is it would reach at least a hundred million pesos,” he added.

Daluz said the City will not be the one to pay capital gains tax after the sale. He said the terms of reference of the sale provide that those who win the bid will be the one to pay capital gains tax.

Capital gains tax is imposed on the profit presumed to have been realized by the City from the sale, exchange or other means of disposing of its properties and other capital assets.

Published in the Sun.Star Cebu newspaper on August 02, 2014.

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