Thursday, February 01, 2007 Tom O expects more investments, developments at SRP in 3 years
AS more investors show interest in the 300-hectare South Road Properties (SRP), Cebu City Mayor Tomas Osmeña expressed confidence the property will undergo fast development within the next three years.
“Everybody likes SRP because of its strategic location. It’s the gateway to the south,” he said in an interview with the press during the recent inauguration of the rehabilitated roads around SM City Cebu.
“Because of the pro-perty’s clean sheet approach, potential buyers can buy the lot and construct the building in the manner they want it to be,” he said.
Among the investors eyeing at the SRP as a feasible site for future developments is SM Prime Holdings Inc. (SMPHI). Hans Sy, SMPHI president, visited the SRP last week as one of the primary choices for a future shopping mall.
Sy earlier said SMPHI plans to invest P2 billion each for the construction of two more malls, one in the north and another in the southern part of Cebu.
Plan
Osmeña said Bigfoot, whom he describes to be “a more exciting development,” is also interested in putting up investments in the SRP.
He said Bigfoot had initially presented its plan to construct an integrated development facility on a 16-hectare prime lot at the reclaimed area.
The project is a built-in complex that will include, among others, a mega yacht club and an all-in-one leisure and commercial facility that will be a first of its kind, Osmeña said.
“We’re now working out the details for this pioneering project,” he said, referring to the City Govern-ment’s current negotiations with Bigfoot.
Aside from the Bigfoot group and SMPHI, the Filinvest group has reportedly expressed interest to build a commercial project at the SRP.
A Singaporean company, Cebutainer Systems Corp., had also bared plans to construct a 20-hectare facility in the area.
More investors
Other investors that showed earlier interest to locate at the SRP include Taiwanese firm Paul Yu Group of Companies, JY Construction, Arcenas Group, Pakna-an Central Development Corp., Mac-tan Rock Industries Corp., King Group of Companies and the University of Cebu.
Osmeña said the City Government, the developer of SRP, wants an integrated development for the reclaimed property.
He said the plan includes hospitals, hotels, offices, call centers, business process outsourcing companies and restaurants.
“Some are waiting to see that something negative will happen to SRP, but it will not,” he said.
He said the price of SRP lots will not go down but will instead double in the next few years.
A square meter of land at the SRP is pegged at P10,000 to P15,000, depending on the location.
Once fully developed, SRP is expected to generate at least 40,000 jobs and P30 annually in real property taxes. (MMM)
