Bigfoot is set to formalize SRP lease plan with city

Bigfoot Global Solutions and the Cebu City government are set to sign a Memorandum of Agreement (MOA) this coming Monday to formalize Bigfoot's plan to lease a two-hectare property at the South Road Properties (SRP).

SRP marketing arm, Cebu Investment and Promotions Bureau (CIPC) announce that Bigfoot will kick off its expansion plan of its International Academy of Film and Television inside the 300-hectare SRP.

CIPC executive director Joel Mari S. Yu said that part of the MOA that will be signed by SRP developer-Cebu City government, and Bigfoot Global Solutions, is a 25-year lease term, renewable.

Bigfoot is expected to pay a P28 million advance payment for five years. SRP's per square meter lot is pegged at P10,000 to P15,000, depending on the location.

According to Yu, immediately after the MOA, Bigfoot will start its building construction, making the company the first locator at the SRP.

Bigfoot had initially presented to build a 16-hectare integrated development plan at the SRP, which will showcase another first in Cebu.

In an earlier interview with Cebu City Mayor Tomas Osmeña, he mentioned that Bigfoot will be developing a mega Yacht Club, including a sprawling all-in-one leisure and commercial facility that will be a one-of-a-kind facility in Cebu.

Yu said Bigfoot will initially build a Sound Stages facility, for its Film and Television Academy expansion.

Reportedly, aside from Bigfoot Group, SM Group, the Filinvest Group also initially expressed interest to build a commercial project inside the SRP, and a Singaporean-company called Cebutainer Systems Corporation which needs 20-hectare for its facility.

Other investors that earlier expressed interest included; Taiwanese firm Paul Yu Group of Companies; JY Construction; Arcenas Group; Pakna-an Central Development Corporation; an American company to build Cardiovascular Hospital, Mactan Rock Industries Corporation; Filinvest-to build a commercial center; Ayala Land; King Group of Companies; Japanese-owned Kurata company to construct a condominium facility; University of Cebu; and another Japanese company called Sonnette to build a retirement village for Japanese market, among others.