CEBU, Philippines - The City Council yesterday gave its go signal to finalize the sale of a 3,002 square-meter lot at the South Road Properties to the National Power Corporation.
The council approved the resolution authorizing the sale of Lot 1-J-1 to NPC during its regular session yesterday. NPC reportedly intends to build its main office for Visayas and Mindanao in the subject lot.
According to Councilor Jose Daluz III, the sale to NPC, termed as “transfer with cost” from one government agency to another, will be covered by a Deed of Sale.
Napocor is currently a Government Owned and Controlled Corporation.
Daluz said the selling price for every square meter is P8,000, way above the quotation of the Commission on Audit, which is P7,100.
Since both parties are public agencies, Daluz said the sale will not include the costs of the Capital Gains and Documentary Stamps.
The Letter of Intent from NPC Manager Edmundo Veloso was received by the city October last year. The area identified is within the vicinity classified for institutional land use and allocated for government offices.
According to the resolution approved by the council, the transaction is pursuant to Section 182 of Rule 24 of a COA Circular, which covers “Sale thru Negotiation,” which provides that the transfer of property with costs to other government offices is considered as negotiated sale.
Acting Vice Mayor Hilario Davide approved the LOI last November, which was subsequently endorsed to a Technical Working Group.
Once finalized, the sale to NPC will be the second sale of lots at the SRP this year following the recent forging of the Joint Venture Agreement with Filinvest Land Incorporated, which covers 50.6 hectares. — Ferliza C. Contratista/JMO (THE FREEMAN)