THE Cebu City Government and two real estate developers will hold a groundbreaking ceremony at a 26-hectare lot at the South Road Properties on Wednesday, Jan. 29, 2020.
The consortium of SM Prime Holdings Inc (SMPHI) and Ayala Land Inc. is expected to spend P316 billion to develop the area. The project is expected to provide two million jobs over the next 20 years.
Mayor Edgardo Labella said the development will also provide the City billions in business and real property taxes. He said the money will be used to meet the City’s basic needs.
During last year’s presentation of SMPHI and Ayala Land before the City Council, the consortium’s representatives said Cebu City will collect P22 billion from the project.
Labella said executives of SMPHI and Ayala Land will attend the groundbreaking ceremony.
The mayor was told that an arena with a seating capacity of 16,000 will be built in the area. It can host basketball games, international concerts and assemblies, among other activities, he said.
Labella said the consortium will prioritize the hiring of residents from Cebu City and Cebu Province.
The City Legal Office said the project could go ahead since all cases filed by the opposition to stop it were dismissed by the Court of Appeals.
The 26-hectare property was part of the 46-hectare lot the consortium and Filinvest Land Inc. bought during the time of former mayor now Vice Mayor Michael Rama on Aug. 7, 2015.
Labella’s predecessor, Tomas Osmeña, demanded the cancellation of the City’s contracts with the developers, but the consortium ignored him. (PAC / KAL)