QC to sell theater to Eurotel

The Quezon City government will be P91 million richer by Oct. 21 once it sells one of its properties, the Ocean Theater in Cubao, to Eurotel.

Ocean Theater, originally pegged at P58 million, was auctioned off last Oct. 13 by the city government through the city’s Bids and Awards Committee, led by City Treasurer Victor Endriga and City Administrator Paquito Ochoa.

In a regular executive staff meeting, Endriga said Eurotel, SM Prime Holding and First View Corp. made bids out for the acquisition of the 937-square meter property.

Eurotel bidded P91,818,180; SM Prime Holding, P80,000,000; and First View Corp. P118,000,000.

However, city officials declared Eurotel, owner of Sogo Hotel, as the winner for offering to pay for the property five days after receiving the notice of award from the city government.

“First View Corp offers the highest bid. However, it wanted that payment be made in 10 years’ time,” Endriga said.

Earlier, Quezon City Mayor Belmonte Jr. said the proceeds from the sale of Ocean Theater will be used to put up a new hospital in a one-hectare land along Commonwealth Avenue near Litex.

The Home Insurance Guaranty Corp. (HIGC) is the firm handling the sale of the land where the new hospital will be constructed. The lot was originally offered for sale at P130 million, but its owner acceded to a lower price offered by the city government out of goodwill.

Other infrastructure projects that await funding from the sale of the Ocean Theater are the C-5 Road Extension and roads connecting Mindanao Avenue to North Luzon Expressway, Visayas Avenue to Tandang Sora, and Tandang Sora to Luzon Avenue.