SRP earned P1 billion cash in 2010

CEBU, Philippines - The year 2010 has been productive for the South Road Properties that has earned over a billion pesos in cash from the sale of lots.

In its year-end report, SRP-Management Office recorded the P2.7 billion earnings from the SM deal that was sealed last year, the Joint Venture Agreement with Pilipinas Water Resources Inc. and the collection of P342 million from Filinvest Land Inc. as payment to its purchased lots to be among its accomplishments last year.

SM Prime holdings purchased 30.41 hectares of lot at the SRP in which P600 million has already been paid out of the P2.7 billion purchase price.

Of the P600 million, P406 million was paid after signing the conditional sale in January 2010, P110 million was paid last April as its second payment and P109 million was paid for the third payment. This excludes the P270.9-million bid bond paid in 2009.

SM is set to pay some P400 million annually for the next five years to complete the payment.

The P342 million collected from Filinvest is part of the P1.5 billion worth of lots at the SRP it purchased under the Joint Venture Agreement with the city government.

Aside from the income, SRP was also finally launched last May. The launching was dubbed as Cebu Festival where Pyroworks Pyrotechnic Perfections, to recall, got its Guinness World Record title with the most number of fireworks rockets launched in 30 seconds.

The week-long celebration also opened SRP to the public and to the investors, both local and foreign.

Last year also, the city donated a 7,123-square meter lot worth P71 million to the Court of Appeals. On May 28, the city entered a Joint Venture Agreement with the PWRI for a water project that will last for 18 years.

Under the agreement, PWRI will undertake a three-phase water project using the existing city-owned desalination and waste water treatment plants which are located at the SRP.

PWRI will take care of SRP’s water needs for the next 25 years.

There are about 24 projects completed for the further improvement of the property.

Completed projects include industrial roads with drainage and sidewalks, stage, installation of streetlights, construction of pedestal, repaintings, construction of comfort rooms, drainage and warehouses among others.

There are pending projects which include construction of Welcome Hill Tower which is 86 percent complete, contructions of Pond F Jetty that is 84 percent complete, construction of phase 1 of the Kawit White Sand Beach which is 50 percent complete and the construction of SRP Seawall Beautification which is yet to be started. (FREEMAN)