New investor eyeing lot in SRP

CEBU, Philippines - Another company is interested in investing billions at the South Road Properties, said Cebu City Mayor Michael Rama.

Fresh from a week-long business engagement abroad, the mayor yesterday flew again to Manila to meet with Department of Tourism Undersecretary Maria Victoria Jasmin, whom the “foreign” company first contacted.

Rama did not disclose the specifics of the project, but said it is a “very huge investment.”

“Dako kaayo ang ilang gipangita,” he said, referring to the lot they plan to get.

Rama further told reporters yesterday that the investment might be tourism-related since the company approached DOT.

“DOT had the chance to even go to the place. I think one of the investors nikuyog and nakaagi didto,” the mayor revealed.

Rama said the city has to practice “due diligence” and discuss the matter first before entering into any contract.

“Kay modiretso ta og ingon ‘ready’ unya ang atong lugar wa pa mapreparar, so ato sa’ng areglahon ang property. Ato pa’ng tan-awon ang better set up ug kung unsa sad ilang maayong mahuna-hunaan,” Rama explained.

Rama said the Cebu City government might seal the deal with the foreign company through lease or through a joint venture.

Ongoing projects at SRP that have been transacted with the Cebu City government include the SM Seaside Mall and the Filinvest Land Inc. development projects.

Aside from his meeting with DOT, Rama is also set to meet with and ask for an update from Operation Smile, a non-profit humanitarian and medical relief organization that promised to help the city raise funds from all over the world for the reconstruction of Cebu City Medical Center.

Officials of the US-based organization were recently in Cebu City to visit the temporary hospital set up at the Bureau of Fire Protection compound along N. Bacalso Avenue.

Across the BFP compound is the site of the old CCMC building, which was demolished after it was badly damaged by the 7.2-magnitude earthquake in October last year. — (FREEMAN)