Investor tells City it wants to develop portion of SRP

ANOTHER developer has expressed interest in entering into a joint venture agreement with the Cebu City Government and developing a property in the South Road Properties (SRP).

In a letter to Mayor Tomas Osmeña, Federal Land said it wants to develop 29,881 square meters in the SRP into a residential and commercial area.

“We would like to express our interest to enter into a joint venture agreement with the City Government of Cebu to develop the property into a live, work and play enclave composed of nine residential towers surrounded by a variety of street level shops and restaurants interspersed with verdant landscapes and sports and leisure facilities,” said Federal Land President Pascual Garcia III in the letter.

The developer is offering the City P80,000 per square meter.

In an interview last Friday, Osmeña said there are many interested developers who want to invest in the SRP and Federal Land is among those who submitted their intention first.

“There are many interested but they’re the ones who first submit. I didn’t ask them to submit. It’s a matter of timing. My job is to maximize earnings for the City,” he said.

Osmeña said the offer of Federal Land is more than double the earnings of the City when Ayala Land Inc., SM Prime Holding Inc., and Filinvest Land Inc. bought land in the SRP in 2015.

The City sold lots to the consortium last July 21, 2015. The deal was closed for P16.76 billion.

Of the 45.2-ha. lot subjected for bidding, 26 has. were bought by the consortium of Ayala and SM, while 19.2 has. were bought by Filinvest.

At present, the City is scrutinizing an P18-billion unsolicited proposal of the Universal Hotels and Resorts Inc. to develop Kawit Island in the SRP into an integrated resort. (RVC)
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