FLI, SM to present proposals for SRP
Filinvest Land Inc. is set to present to the city its proposal to develop a portion of the South Road Properties but Cebu City Mayor Tomas Osmeña said yesterday nothing is final.
“Nothing is final yet. If I approved, the city council still has to approve it,” the mayor said. And like the other proposed developments at the SRP, Osmeña refused to disclose any particular on the plans of FLI but hinted that the planned investment will cover a “big, big hectare.”
A publicly listed full-range residential developer, FLI is one of the largest real estate companies in the Philippines.
Aside from SLI, SM would also present its proposal to the city either this week or next week. The city reportedly turned down the proposal of Ayala.
The SRP came about through a loan from the Overseas Economic Cooperation Fund.
The city government is paying P700 million this year as payment of the loan for the SRP. The city will also be paying the same amount for the four years until its payment will be reduced to P250 million in the succeeding 15 years.
So far, the only income of the SRP is the P25 million lease payment of Bigfoot for the next 25 years. — Mitchelle L. Palaubsanon/JMO
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