CIPC: Bid out smaller SRP lots

Saturday, July 10, 2010 [ sunstar.com.ph ]

By Katlene O. Cacho

THE Cebu Investments and Promotion Center (CIPC) will be proposing to Cebu City Mayor Mike Rama the bidding out of 10 small lots of the South Road Properties (SRP) to interested investors.

The plan came after local investors expressed interest to CIPC to buy smaller lots in the SRP. CIPC is the marketing arm of SRP.

“In the last few months of Mayor Tomas Osmeña’s administration, I told him many have expressed interest in buying small lots in SRP. So, I told him why don’t we test and cut a small area of about 10 lots with lot cuts of 2,000 to 3,000 square meters and have it bid out?” said CIPC managing director Joel Mari Yu in an interview Thursday at the Casino Español.

Location

He told reporters the 10 lots would generate close to P1 billion in revenues as its retail floor price for bidding is pegged at P30,000 per square meter. These small lots, Yu said are located beside the SM properties.

“Investors now may put up commercial buildings in the area. However, they are advised to still follow the development plan of the SRP,” Yu said.

CIPC will still present the plan to Rama and as soon as it is approved, it will be presented to the public right away. “A map will be drawn on where these lots are located and will be shown to the people,” he said.

Aside from offering small lots in SRP, Yu said the CIPC is planning to invite St. Luke’s Medical Center to invest in the SRP.

Offer

“We will find a way to talk with St. Luke’s. We could offer it as a joint venture and even provide the land,” he said. Yu said they also approached some big hospitals in the city but they declined the offer due to insufficient funds.

The St. Luke’s plan, he said will also be presented to Rama.

St. Luke’s Medical Center is one of the country’s top medical facilities in such fields as cardiovascular medicine, neurology and neurosurgery, and cancer treatment.

Among the companies that have invested in SRP are the Bigfoot, SM Prime Holdings Inc. and Filinvest Land Inc.

Published in the Sun.Star Cebu newspaper on July 10, 2010.