2 more property developers want to buy lots in Cebu SRP

CEBU CITY, Oct. 12 (PNA) – Two more major developers have informed Cebu City officials of their plan to present an offer to buy lots at the South Road Properties (SRP), but they will have to wait until the first sale to Filinvest Land Inc. (FLI) is finalized.

But Cebu City Mayor Tomas Osmena said the city has to close a deal with the FLI first or any other developer that will match its offer, before they entertain other buyers.

FLI has submitted to Osmena an unsolicited proposal to buy 10 hectares of SRP worth P2 billion and to develop in a joint venture with the city government another 40 hectares of SRP.

Osmena on Wednesday filed a one-month leave of absence to travel to the United States to seek a second opinion on the reportedly cancerous mass the size of a small chicken egg found in his urinary bladder.

Acting Mayor Michael Rama, the City Council and the Joint Venture Selection Committee (JVSC) for the SRP will go ahead with the sale to FLI even without Osmena.

Cebu City Administrator Francisco Fernandez, chairman of the JV-SC, said that no one has expressed interest to challenge the unsolicited proposal of FLI yet, which intends to buy 10 hectares of land and develop 40 hectares under a joint venture with the city.

”There are no interested challengers for the Filinvest offer so far, but there are two other developers who have already sent feelers and want to know if they send their proposals, will these be acceptable to the city,” he said.

The interested parties want to buy other portions of the 302-hectare SRP but have not specified the areas and the lot sizes.

”That’s what we were discussing with them and we agreed that it is best to close one deal before we talk to the others so as not to create a confusing situation,” Osmena said.

”This transaction is actually very simple but because of its magnitude and with billions of pesos involved, we have to be careful,” he said.

SRP Management Office head Nagiel Banacia said of the 302 hectares, only 200 hectares will be sold since the 60-hectare Pond has yet to be filled up.