SRP’s marketing plan is ready but its prospects have been affected by politics

By Jujemay G. Awit

Thursday, November 8, 2012
THE Cebu Investment Promotions Center (CIPC) is ready to present its marketing plan for the South Road Properties (SRP) but an official admitted that the political tension in Cebu City has caused investors to hesitate.
CIPC managing director Joel Mari Yu said the plan has been ready for months.
“As long as the mayor says go. But we don’t have data on the financing and maintenance and the mayor (Cebu City Mayor Michael Rama) does not want incomplete data,” Yu told reporters yesterday.
He said the City Government still needs to collate data on the finances of the SRP and other documents.
More than a year ago, Rama raised the need to produce a comprehensive presentation of the SRP. He wanted the CIPC, and the SRP Management Office through Roberto Varquez and City Administrator Jose Marie Poblete to work together on the project.
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Yu corrected the notion that the CIPC has not been working because there are no new investors at the SRP.
Apprehensive
He said CIPC evaluated a number of potential investors but the firms were apprehensive about the political situation in Cebu City.
Among the investors that CIPC has been in contact with are Rockwell and Megaworld.
Rockwell, owned by the Lopezes, wants to enter into a joint venture with the City
Government to develop 28 hectares at the SRP.
Megaworld, one of the top real estate developers in the country, is also interested.
But Yu said the investors prefer to wait until the political tension between the mayor and Rep. Tomas Osmeña (Cebu City south) dies down before entering into a transaction.
Rama’s plan to sell lots at SRP were blocked by the City Council, which is controlled by Osmeña’s allies.
Just three
“Even though the marketing has been affected, we continue to work and evaluate proposals,” said Yu.
He said only three investors are needed to fill up the SRP.
Yu agreed with Rama that there is a need to establish a private authority, which will manage the SRP so that political quarrels will not affect the property.
“An independent group, a real professional group that knows about property development,” he said.
He said that as owner of the SRP, the City Government will continue to have a hand in the management of the property regardless of who is mayor.