ADB feasibility study on SRP stalled

CEBU - The Asian Development Bank was supposed to start its feasibility on the South Road Properties yesterday but this did not push through because ADB reportedly still lacks consultants.

John-Olof Vinterhav of ADB said they will need at least eight consultants for the study but they reportedly only have four at present. But ADB assured the study will start by the end of the month and will go on until July next year.

The study will focus primarily on determining the investments that are appropriate for the SRP. On the side, ADB would also look into the possible utilities that can be built within the SRP like an internal bus transport system and other road infrastructures.

Vinterhav said ADB is interested in the SRP because it is a major part of Cebu City. He said that space has to be wisely utilized.

The city government is currently re-appraising the market value of the properties.

City administrator Francisco Fernandez said properties at the SRP were valued at P3 billion in 1995 at 1,000 per square meter multiplied by three million square meters. Now, the SRP reportedly has an estimated market value of P20,000 per square meter or already worth P20 billion.

At present, the city government’s joint venture committee is also studying the multi-billion investment proposal of Filinvest Land Inc.

A publicly-listed full-range residential developer, FLI is considered as one of the largest real estate companies in the Philippines.

FLI is offering an outright purchase of 10 hectares worth P2 billion and another offer to jointly develop 50 hectares with the city government.

Aside from FLI, the city government is also looking into a P900- million offer from a Cebu-based and Manila-based developer for the purchase of a 10-hectare lot.

Cebu-based developer Rockwealth Venture Development Inc., in partnership with Manila-based Pueblo de Oro Development Corporation, had proposed an outright purchase of 10 hectares where it will put up a medical tourism facility.

Pueblo de Oro Development Corporation is owner-developer of the 360-hectare Pueblo de Oro Township. It is a member of the ICCP Group, a group of companies primarily engaged in investment banking, venture capital, industrial estate development and exposition facility complex management. –Mitchelle L. Palaubsanon/JMO (THE FREEMAN)