Two buyers eyed as new fund sources

CEBU, Philippines - The Cebu City Government has identified two corporations that intend to buy South Road Properties (SRP) lots as new fund sources for the proposed P5.8-billion 2014 annual budget.

Robinsons Land Corporation and Primary Properties Corporation had already sent communication feelers to the office of Mayor Michael Rama on their intention to acquire parcels of land at the SRP.

Cebu City Treasurer Diwa Cuevas told The FREEMAN yesterday that revenue derived from payment of the said corporations would be utilized to finance part of the city’s expenditures on next years’ projects and programs, among others. 

Robinsons wants to acquire the 263,384-square-meter Lot 8-B located near the Saint Pedro Calungsod templete and the site of the proposed Cebu City Medical Center (CCMC) building.

 â€œWe are open to an acquisition through a joint venture with the city government or (through) an outright sale,” Robinsons said, in a Dec. 6 letter to Rama.

Meanwhile, Primary Properties, through a joint venture corporation (JVC) with I-land Way Philippines, Inc. and Aquila Primary Corporation, has confirmed its intention to lease 12,500 square meters of the SRP.

“This affirms our commitment, after several meetings with  Mayor Rama, to invest in SRP to help spur economic development in the area,” said William Christopher Liu Jr., Aquila Primary Corporation president, and Kazuhito Matsuda in a Nov. 19 letter to Rama.

Once the City approves its unsolicited proposal, the JVC would set up a prime retirement facility for Japanese retirees.

Construction of the retirement facility is projected to cost P1.35 billion for three buildings with a total of 850 rooms that would accommodate around 1,125 retirees.

“We (JV Corp.) will pool in resources for the construction, development, management and operation of a prime retirement facility with fully furnished and/or unfinished units and full service support facilities (recreational area, parking area, and other amenities) that would specifically cater to Japanese retirees,” the developers said.

Primary Properties said its project would employ over 2,000 and “help spur the construction industry and the local economy in general”.

The JVC is proposing a 25-year lease period, with an option to renew for another 25 years; avail of both national and local tax incentives; one year advance rental to be paid upon execution of the contract; and a rent of $0.5 per square meter for the 12,500-square-meter lot. 

“We also intend to enter into strategic alliances with the Philippine Retirement Authority to ensure our project is provided both the local and international support,” the developers added.

Meanwhile, the City Council is already set to approve the site development plan for the new CCMC building at the back of the St. Pedro Calungsod templete.

Architect Miko Espina, a private practitioner, has already submitted several sketches and designs for the proposed hospital building.

The City Council, however, has asked that it review first the plan before approving it. 

“I have no objection with the site development plan of CCMC but there is a need to apprise the body (about it),” said City Councilor Noel Wenceslao.

Also, the CCMC board has already approved a policy on the selection of a site and the transfer of the city hospital that follows the guidelines the Department of Health (DOH) set in the planning and design of a hospital and other health facilities.

Among others, CCMC is intended to meet DOH’s basic requirements for a tertiary hospital, particularly for it to have a renal dialysis unit, a computer tomography scan unit, and a magnetic resonance imaging unit. (FREEMAN)