3 big companies investing in SRP

If negotiations push through, at least three big companies will pour investments into the 295-hectare Cebu South Road Properties (SRP), formerly the South Reclamation Project.

In a press conference yesterday, Mayor Tomas Osmeña said Philinvest, Shoemart and Bigfoot have expressed interest in purchasing portions of the SRP, expecting that this would generate more employment in the city.

Bigfoot, a US-based information technology business solutions firm with interests in communications, business process outsourcing, education and entertainment, is interested to purchase 16 hectares of lot at the SRP. It already submitted a written proposal over its intention.

According to Osmeña, the "Queen City of the South" may also become the "Hollywood of Asia" as Bigfoot is considering locating its film studio to the SRP.

The mayor said Bigfoot officials have been talking with longtime Cebu resident Mike Gleissner, chairman of the board of Bigfoot Group of Companies, on their SRP interest. The company will also put up a port at the SRP for its mega yacht club, Osmeña said.

SM also considered purchasing 30 to 50 hectares of SRP lot in cash as soon as the negotiation will push through. Contrary to what he previously said that he does not want to establish a mall at the SRP, the mayor said he now considers the development of an SM mall in the area because it could generate employment.

Osmeña also said the Philinvest will purchase a 30-hectare lot at the SRP and that it is interested to open a restaurant on Kawit Island. The city government has been putting up a man-made white sand beach in Pond F near Kawit.

But the mayor said he wanted to remain selective of the investments that would be poured into his centerpiece project. Top priority would be companies that would generate more employment.

As they have been getting investment proposals, Osmeña said the city would be finalizing everything since they will look into the technicality and legality of dividing the land title for the SRP.

Osmeña, however, said there is still no specific amount for the purchase of the SRP lots. - Garry B. Lao