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Thursday, June 01, 2006
10 local, foreign firms to invest in SRP - CIPC
Some 10 local and foreign companies have expressed interest in locating at Cebu City’s South Road Properties (SRP) and
are just waiting for signs of project completion, according to SRP’s marketing officer.
“The investment potential of the SRP is high. But right now, we still have an incomplete product. The investors are already here, just waiting for signs of completion from the City Government,” Cebu Investment Promotions Center (CIPC) managing director Joel Mari Yu said.
CIPC is the agency tasked to market the 300-hectare SRP (formerly South Reclamation Project).
He told a press conference yesterday that the prospective investors want to make sure the City will still build roads within the SRP and that other important infrastructure, such as water, power and telecommunications, will not be a problem.
Yu said CIPC is now negotiating, at various levels, with Cebutainer Systems Corp., PY group of companies, Bigfoot group, JY Construction, Arcenas Group, Cardiovascular Hospitals, Mactan Rock Industries Inc., Filinvest Land Inc., Ayala Land Inc.
(ALI), King Group of Companies, J King Group of Companies (JKSCI), Paknaan Central Development Corp., Kurata, Sonnette and the University of Cebu.
Relocate
The PY group, a furniture and furnishing manufacturing company, plans to relocate its manufacturing plant in China to the SRP, while Bigfoot will establish a yacht club at the property.
Mactan Rock Industries Inc., on the other hand, will put up a desalination facility, which will produce water to be supplied to the Metropolitan Cebu Water District. The King Group of companies plans to put up a motorcycle assembly plant while the J King group will establish a water theme park.
Earlier, JKSCI chairman Richard King said the company has been talking with Cebu City Mayor Tomas Osmeña on the project, which King estimated to cost the company some $4 million.
Theme park
“(If the talks between Mayor Osmeña and JKSCI will succeed), JKSCI will build a water theme park that is like, if not better than, the Enchanted Kingdom and Splash Island,” he said.
Investors Kurata and Sonnette will also put up a condominium for Japanese national and a one-hectare retirement village, respectively.
Meanwhile, ALI has proposed for a joint venture with the City for the establishment of a five-hectare mall, patterned after the Market! Market! in Fort Bonifacio.
“When these investors see signs of construction of the infrastructure needed, in three years time, the SRP will be full,” Yu said.
He also emphasized that the City does not owe money from the Japan Bank for International Cooperation, but from the Land Bank of the Philippines.
“The JBIC loan was coursed through Land Bank. This means, there is a national sovereignty risk. If Cebu can’t pay the loan, the national government will,” Yu said. (JBN)
For Bisaya stories from Cebu. Click here. (June 1, 2006 issue)
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