FLI told to build first before buying more lots

CEBU, Philippines - Filinvest Land Inc. should first finish any development in the lot they have purchased in the South Road Properties before thinking of buying more lots, Cebu City Vice Mayor Joy Augustus Young said.

“We advised them nga i-put up usa nila ug una ang ilang tukuron sa ilang unang yuta nga napalit,” Young said.

Young added that he had already talked with FLI about the latter’s intention to buy 10 more hectares in the SRP.

“After that, maybe, mahatagan pa sila ug chance nga makapalit ug additional lots, maybe 10 hectares, but for now, unya na nato sila papaliton,” Young further said.

Cebu Investment Promotions Center earlier confirmed that FLI officials expressed interest for an outright purchase of a lot for a cluster of buildings for Information Technology companies.

Cebu City south district Rep. Tomas Osmeña agreed with Young, saying FLI cannot just buy lots as it has to go through public bidding first.

Furthermore, he said FLI is the owner of 10.6-hectare beachfront lots in the SRP, and is developing a 40-hectare area under a joint venture with the city government.

“We’re not inclined to sell SRP lots for now. They (FLI) know the price will shoot up by the time SM is finished,” Osmeña said.

Mayor Michael Rama said he is willing to dispose of the lots now and use the proceeds to fund public services. He said more developments in the SRP will generate more jobs for the people.

But Osmeña, Rama’s critic, sees the mayor’s move in a negative sense.

“Mike Rama knows he’s going to lose in the next election that’s why he wants to sell it now. You ask Rama if he can wait after the election, diha niya ibaligya ang yuta sa SRP. He will say no because he is so desperate to sell it now,” Osmeña said.

Osmeña said they have to go back to the strategic objective of SRP and that is to create a huge revenue for the city not only for one year or for now but as long as possible and that can be done only by selling a few hectares of land every year.

“As years pass, magkamahal ang presyo sa yuta,” Osmeña further said.

Joel Mari Yu, managing director of CIPC, the marketing arm of the SRP, said FLI might just wait until after the 2013 elections to buy the lots given the conflicting stand of the executive and legislative departments on the matter.

The City Council, headed by Young, will still have to pass a resolution authorizing Rama to sign a contract to sell or to enter into a joint venture agreement. But with conflicting stands, FLI is not pushing. — Niña G. Sumacot/BRP (THE FREEMAN)