City rejects SRP investors

CEBU, Philippines - More investors are interested to buy lots at the South Road Properties but they have been told to wait. This has nothing to do about politics though, but business.

Cebu City South District Rep. Tomas Osmeña told the press that many approached him to ask assistance to buy a portion of the SRP, but he had to turn them down.

Even the city government’s good friend and Osmeña’s fellow Rep. Manny Pacquiao had to be rejected.

“Stop selling SRP for meantime, that’s always been my recommendation. So there’s not much to do about marketing right now,” Osmeña said.

Aside from Pacquiao, Ayala and Robinson’s also expressed interest to own lots at the SRP. Robinson’s initially wants 30 hectares while Ayala wants 40 hectares, Osmeña said.

The interested investors were told to wait until Filinvest Land Inc. and SM Prime Holdings would finish construction in three to four years.

Osmeña said, “By then, the value of the lot at SRP will double or maybe triple. What’s the point of selling it now then put the money in the bank where the city will just earn five percent a year?”

The city sold SRP lots to Filinvest and SM at not less than P15,000 per square meter.

“The SRP is in good hands,” he assured the public.

Before Filinvest even started construction, Osmeña said that the city has earned more than P30 million from the three buildings that Filinvest has sold.

The city gets a share of P70,000 to P80,000 per unit that Filinvest will be able to sell.

Each building of Filinvest will have 150 units. Three of the 40 buildings that the developer intends to build there have already been sold.

Osmeña said that in the future, he has recommended for the city to screen the investors that will be allowed to own a lot at the SRP.

He said that they do not want to sell lots that are not intended for anything that will contribute to the economy, because they intend to make a SRP the center of economic activity of the city.

In February last year, the city government entered into a sale and joint venture agreement with the Filinvest to develop a 50.6 hectare area at the SRP.

Last year SM Prime holdings sealed a P2.7 billion deal to buy 30.4 hectares at the SRP where it planned to build a convention facility, a shopping mall, a school, hospitals and high rise residential condominiums in the next five years.

Last November, Filinvest launched its Medium Rise Building project which will be built within the 40-hectare covered by the joint venture.

The development called the Amalfi Oasis is part of the Citta de Mare (City by the Sea) which all in call will include a commercial retail complex, a sand-shored promenade or white beach, a hypermart, a church and a home depot complex. – THE FREEMAN