Rama ready to let go of Kawit structures for P5B investment

CEBU, Philippines - Cebu City Mayor Michael Rama would not mind relocating the three city-owned buildings in Kawit Island at the South Road Properties once the Middle East-based company will pursue buying the P5 billion worth of properties.

“If the investment is billion, then why not? Remember kanang mga infrastructures diha that was only to entice, it was not really intended to become permanent,” Rama said.

 SRP Management Office head Roberto “Bu” Varquez said the Sugbo building, the Association of Barangay Council building, and the Senior Citizens Center may be transferred to the 3.2 hectare City Hall Block at SRP.

But Rama said the fate of the buildings is up to the investor, Damac Properties Company, one of the largest luxury property development companies in Middle East, if they will integrate the structures in their site development plan.

Damac Properties is eyeing to develop the 10-hectare property into a high-end mixed use project with restaurants, coffee shops, and little marine to attract the visitors; and sprawling high-end apartment and condominium as recommended by the Department of Tourism.

 Kawit Island is one of the prime lots of the city government that were integrated into the 300-hectare SRP.

 Rama said the city and the investors are yet to discuss whether it would be a direct sale, lease or joint venture.

 Varquez said it would be the first attempt of Damac Properties to invest outside Middle East, knowing that it already gained a reputation for lavish waterfront developments, distinctive architectural landmarks and wide selection of residential, retail and office addresses in Dubai, Riyadh, Jeddah, Lebanon, United Arab Emirates, Qatar, Jordan, and Egypt.

 â€œIt will put SRP in the tourism map worldwide and will boost further our tourism industry. This could open lot of opportunities like direct flight from Cebu to Middle East countries,” Varquez said. — (FREEMAN)