AFTER 15 years, the Cebu City Government will finally let go of the Sugbu building, the first structure to stand on the 300-hectare South Road Properties (SRP).
An P18-billion integrated resort and casino is set to rise on the nine-hectare Kawit Island in the SRP, where the Sugbu building is also located.
The development is a joint venture project between the City and the Universal Hotels and Resorts Inc. (UHRI).
Francisco “Bimbo” Fernandez, executive assistant of Mayor Tomas Osmeña, said he will meet with UHRI representatives next week to discuss the demolition of existing structures, which include the Senior Citizens’ building, and the developer’s preparation for the construction proper.
“I think they are already fencing the area,” he said.
City Administrator Nigel Paul Villarete said the Sugbu building, which was was built in 2003, served as the SRP’s administration and operation office.
Its demolition is set in January.
As agreed, the UHRI will replicate the Senior Citizens’ Center and the SRP Administration Office on a property in front of City Hall. Construction is expected to start next year.
The development in the SRP came after Osmeña, who represented the City, signed the joint venture with the officers of UHRI last August despite the cases filed against the deal.
Villarete said the new project is expected to generate 5,000 jobs. (RVC)