City to present SRP to public

CEBU, Philippines - Cebu City Mayor Michael Rama inspected yesterday some pending projects at the South Road Properties to be updated on the status of development in the future center of economic activities in the city.

The city government is preparing to present the SRP to the public in the spirit of transparency.

Rama ordered the Cebu Investment Promotions Center to make a powerpoint presentation of the current status of the SRP.

At the same time, SRP manager Roberto Varquez said that they will make a special presentation to the public of the three-hectare lot subdivided into 12 parcels planned to be sold by the mayor.

Varquez said that the specific area to be disposed must be advertised first for the information of interested buyers.

The lots will be bid out to investors who want to do business in Cebu City, particularly the SRP.

The lot to be sold is across the lot purchased and now being developed by SM Prime Holdings Corp. It covers about three hectares subdivided to 12 parcels with a land area of 2,600 square meters each.

Varquez said that floor price during the bidding will be at P35,000 per square meter for the outer lots or lots near the road and P30,000 per square meter for the inner lots.

Varquez said that the price of the lot per square meter has tripled because of the development started by SM and Filinvest Land Inc.

FLI has almost completed the residential aspect of its Citta di Mare project.

SM has already started the ground works for the mall which will be as big as the Mall of Asia in Pasay City.

Varquez said the SRP Management Office has not received any proposal yet but proposals might have been sent to the CIPC.

Rama said he has yet to meet with CIPC to get updates on their plan to sell.

Rama also said he talked with ABS-CBN Chairman and CEO Eugenio Lopez III whose family also owns Rockwell Land Corp. over dinner before he left for Japan last week.

"I just want to be very sure as to how far the discussion with CIPC and them," Rama said.

He said the Lopezes are amazed at how Cebu has progressed.

Rama said he does not know yet if the Lopezes are interested in SRP or other areas in Cebu City.

Rockwell is a company engaged in the business of development, among others, of residential towers as well as the development and operations of shopping malls, retail areas and office buildings.

Meanwhile, a few weeks after he allied with Mayor Michael Rama, Cebu City Councilor Jose Daluz III suggested that SRP lots should be sold to any interested buyers so that the city will earn revenue from its sales and from real property taxes.

Of the 295 hectare of SRP lots titled under Cebu City, only 44 hectares had been sold so far to SM and FLI while another 40 hectares are under a joint venture agreement between FLI and Cebu City.

The city has also allowed Bigfoot, an international film firm, to rent a two-hectare lot at P30 per square meter for 25 years, renewable after the end of the contract.

The city had already received P28 million as the advance rent of Bigfoot for five years.

The city also donated a few hectares to the various government agencies like the University of the Philippines and Court of Appeals. At least 200 hectares of the SRP lots remain intact and can be sold at anytime if the city officials, particularly the City Council will agree.

Daluz explained that while it is true that the price of the lots may go up if sold only after the mall of SM and commercial buildings of FLI will be completed, the constituents of the city will be deprived of its proceeds in terms of projects and services.

When The FREEMAN interviewed Osmeña, the south district congressman said, "Yes they want to sell because Rama has nothing to show for his performance." - (FREEMAN)