AN INVESTOR wants at least two months to submit an official bid for the purchase of the South Road Properties (SRP), instead of a mere four days to half a month.

Ayala Land, through assistant vice president for Visayas-Mindanao Group Nerissa Josef-Mediano, wrote Cebu City's committee on awards to extend the time for submission of bids for the 45.2-hectare SRP.

Ayala Land is interested in the property.

Mediano, in her letter to the committee on awards dated June 1, said that under the invitation to bid, the bid documents will be available on June 15 to June 26 while the submission, receipt and opening of bids is scheduled for June 30.

"A bidder will only have four to 15 calendar days to prepare the bid submissions, bid bond and other pertinent requirements, yet unknown as of this time (what) may be specified in the bid documents," she said.


"In this connection, we respectfully request for the bidders to be given at least 60 days from the release of bid documents before submission of their bids," she added.

Mediano also wants the City to clarify if a consortium will be allowed to participate in the bidding, considering that one of the City's requirements is that only corporations with total assets of at least P25 billion based on the 2012 financial statements can participate.

"In case a consortium will be allowed to bid, will the total assets be based on the combined total assets of all the consortium members or should each should have at least P25 billion assets?" the letter also read.

Mediano also questioned why the base financial statement is from 2012 when it should be 2014.

Further, Mediano also asked if all the conditions set in the resolution authorizing Mayor Michael Rama to negotiate and dispose of the 45.2-hectare property will be followed.

Down payment

The resolution, which was approved by the City Council last August, provides that the buyer will make a 50-percent down payment upon awarding of contract.

The P9.15-billion balance will be settled within three years, paid in equal annual installments with a six-percent interest per year.

The resolution also states, among others, that the bidder must have constructed mixed-use projects within the last five years that would include an average of 250,000 square meters of commercial and office space and 100,000 square meters of residential project.

But Mediano wants to clarify if the requirement on commercial and office space includes developing lots for commercial use, among others.

The committee on awards, which is headed by City Atty. Jerone Castillo in an acting capacity, will discuss Ayala's letter when it meets in the coming days.