Updated March 17, 2009 12:00 AM
CEBU, Philippines - Barely a month after the Cebu City government received its first P300-million payment for a development project in the South Road Properties, another deal is to be finalized for a P1.4-billion gross sale.
Cebu City Mayor Tomas Osmeña announced yesterday that the city will soon close a deal for the sale of 16 hectares of the SRP.
The buyer, whose name Osmeña did not reveal, intends to buy a portion of SRP at P11,000 for every square meter.
Osmeña said the buyer already made three failed attempts to strike a deal with the city government and he accepted the fourth proposal.
He earlier said he never accepts any ugly deal for the city and makes sure it is advantageous just like the recently forged agreement with Filinvest Land Inc. for a high-end urban living business over a 56-hectare area and with an initial investment of P25 billion.
The new buyer is interested at a lot near the Mambaling access road and it set to construct a mall.
It is Osmeña’s plan not to accept locators that have the same kind of business, as they may tend to compete with each other.
Meanwhile, Osmeña announced that Department of Health Secretary Francisco Duque already gave the go signal for the construction and operation of a lung cancer center at the SRP.
This will also be finalized in the next few days. — Ferliza C. Contratista/BRP (THE FREEMAN)
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