Capitol eyes selling OPRRA lots

CEBU, Philippines — As it seeks to increase its savings, the Capitol is also looking at monetizing its idle assets.

The provincial government is particularly planning to have its lots at OPRRA (Old Philippine Railway Residence Association) in Barangay Kalunasan, Cebu City reappraised so they can be sold to interested buyers.

Governor Gwendolyn Garcia has tasked Paul Entera, Capitol consultant on real estate management, to survey the lots, according to a recent news release by Sugbo TV, the official news site of the Cebu Provincial Public Information Office (PIO).

Entera conducted a site orientation and study of the prevailing market value of the lots as some members of Actual Occupants and Residents of OPRRA Kalunasan (AOROK) Inc. have already manifested their desire to purchase the lots on which they have built their homes.

On average, each lot spans 120 square meters. This means that in total, there are about 4,000 square meters of saleable provincial lots in the area.

At present, the current zonal value of the lots is at P1,700 per square meter, according to Bureau of Internal Revenue and the Cebu City Assessor’s Office.

Meanwhile, the lots are currently selling at P3,273.33 per square meter or a total amount of P132,766,264.80.

In his presentation to the governor, Entera also mentioned that a memorandum of agreement has been signed by the Province of Cebu and AOROK stating that “selling, transferring and conveying to AOROK the remaining sold and saleable subdivided lots containing the total area of 40,560 square meters” was allowed.

The MOA was signed on September 10, 2012.  JMD (FREEMAN)