Cebu City seeks COA appraisal of area Federal Land wants

THE Cebu City Government wants the Commission on Audit (COA) to appraise a three-hectare lot in the South Road Properties (SRP) after a Manila-based developer expressed interest in it.

Francisco Fernandez, executive assistant of Mayor Tomas Osmeña, said the City will wait for COA to come up with its appraisal before selling the land. He said that the City’s Committee on Awards has already appraised the lot at P110,000 per square meter but COA should have its own appraisal also.

“The first step that we should undertake is let COA appraise it for its value before we accept the proposal. The recommendation of the Committee on Awards is P110,000 per square meter and we believe that it’s already fair based on its market value,” Fernandez said.

Last year, the City Council authorized Mayor Osmeña to dispose of three hectares of land in the SRP through public bidding for at least P110,000 per square meter or P3.3 billion.

Earlier, Federal Land president Pascual Garcia, in a letter to Osmeña, offered to buy the 29,881-square-meter Lot 1-F-8 and develop it into a residential and commercial hub.

The developer is offering to buy the lot at P115,000 per square meter with a total purchase price of P3.4 billion.

What’s the plan?

Fernandez said that after COA comes up with its appraisal and City Hall accepts the unsolicited proposal, it will be presented to the public and other interested parties through a Swiss challenge.

In the preliminary conceptual design that Federal Land submitted, their proposed development includes nine residential towers surrounded by street-level shops and restaurants. Five of the nine residential towers will have 26 floors while the remaining four will have 36 floors.

“We envision this project to be our humble contribution to the development and progress of Cebu City,” Garcia’s letter read. Federal Land is the real estate arm of GT Capital, which includes Metrobank. (RVC)

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