City vows to complete SRP within three years

The Cebu City government is confident of fully developing the 300-hectare South Road Properties (SRP) in the next two to three years.

Cebu City Mayor Tomas R. Osmeña said because of investors' high interest in the property, fast development will be seen within the area soon.

"Everybody likes SRP. It's strategically located," Osmeña said in an interview.

Few days ago, SM Prime Holdings, Inc. (SMPHI) Hans Sy visited SRP, as the area is one of the primary choices of the company for its shopping mall expansion plan in Cebu.

He said some investors are waiting for the SRP or the City government to go bankrupt and will eventually offer cheaper cost of lots, but the Mayor said "it won't happen."

SRP's per square meter is pegged at P10,000 to P15,000, depending on the location.

The Mayor reiterated that the price of SRP lot will not go down, instead double in the next few years.

"Some are waiting to see that something will happen to SRP, but it will not happen," the Mayor said referring to the impression that SRP will eventually give in to cheaper (lot) rate, because of financial problems.

According to Osmeña, among other interested investors in SRP, the Bigfoot plan excites him the most.

He said Bigfoot had initially presented to build a 16-hectare integrated development plan at the SRP, which will showcase another first in Cebu.

The Mayor mentioned a mega Yatch Club that will be developed by Bigfoot, including a sprawling all-in-one leisure and commercial facility that will be a one-of-a-kind facility in Cebu.

The City Government, the developer of SRP, is currently in negotiations with Bigfoot.

He said the company is also looking into the details of the project master-plan.

The Cebu Investment and Promotions Center (CIPC) is commissioned by the Cebu City government to market the SRP.

If fully developed, SRP is expected to generate at least 40,000 employments to Cebu. It is also estimated to bring in an annual income of P30 million from real state taxes alone.

Last year, the Mayor said that it does not matter when the SRP could finally take off in terms of accommodating operational investments, what matters most is when it is ready it is something that Cebu can be proud of.

"I don't serve the cake until it is baked. We have to do it correctly," said Osmeña referring the readiness of SRP to accommodate interested investors.

"We are not going to open a make-shift development. It should be something that Cebu can be proud of," the Mayor added.

Reportedly, aside from Bigfoot Group which proposed a Yatch Club, huge Movie Studio and integrated facility, and SM Group, the Filinvest Group also initially expressed interest to build a commercial project inside the SRP, and a Singaporean-company called Cebutainer Systems Corporation which needs 20-hectare for its facility.

Other investors that earlier expressed interest included; Taiwanese firm Paul Yu Group of Companies; JY Construction; Arcenas Group; Pakna-an Central Development Corporation; an American company to build Cardiovascular Hospital, Mactan Rock Industries Corporation; Filinvest-to build a commercial center; Ayala Land; King Group of Companies; Japanese-owned Kurata company to construct a condominium facility; University of Cebu; and another Japanese company called Sonnette to build a retirement village for Japanese market, among others.