MERGED: South Road Properties (SRP) News, Issues, and Developments

[PANDALiciousss]

---

if that would push through.. ma traffic nasad dha na part.. although nice pud unta na mabyaran ang utang..
lets just see what happens..

[ed168]

i think its best na ibaligya dayn sa govt to private coz cebu cant maintain dat, dli man gani ka maintain sa agianan sa minglanilla hantud ron, cge ghapn ug baha.. if im an investor agto lng ko sa IT park palit ug yuta kay private nag gunit, pwede man ikiha kung palpak,pwede ireklamo, pro sa govt' ideadma ra ka hehe.. nways its still belong to a filipino, n im sure mr. SM will work hard to market d land..

[nab_uang]

Tomas sees competition over SRP lots
Sun.Star

A SEEMING “HEATED” tug of war over the South Road Properties (SRP) by at least four prospective investors may escalate its value, but Cebu City Mayor Tomas Osmeña has his eyes on Bigfoot Global Solutions at this time.

Unlike Filinvest and SM Prime Holdings Inc., which wants to take over the 295-hectare facility, Bigfoot only wants to buy the 16-hectare Pond F at P12,000 per square meter, or a total of P1.94 billion.

The Ayala group is also interested to match the offer whatever SM will propose, the mayor said.

Osmeña said he prefers Bigfoot at this point because its nature of business will cater to the international market and will create a ripple effect where employment is concerned.

Bigfoot is planning to put up an international mega-yacht club and a state-of-the-art movie soundstage.

Once these facilities are in place, Osmeña is optimistic the value of the remaining 280 hectares will increase tremendously.

Best offer

“Right now, the best offer as I see it is Bigfoot because it only wants 16 hectares and for all intents and purposes, it will already solve our financial problems,” he told a news conference yesterday.

Bigfoot president Michael Gleissner, an adopted son of Cebu City, is leasing a two-hectare lot at the SRP at P5 million a year for 25 years.

“I like Bigfoot because he (Gleissner) is the first one to take a chance with us while everyone is waiting for us to go bankrupt,” the mayor said.

The City Government got a yen loan package equivalent to about P6.3 billion to build the SRP. It is paying about P1 million a day in interest alone.

In bringing investors to the SRP, Osmeña will consider their respective industry’s impact on Cebu City in terms of competing with Manila, employment and securing its finances in the future.

This, he said, is the reason he will take his time in studying the proposals of Filinvest, SM Prime Holdings Inc. and Bigfoot.

“As I told you before, the competition is quite heated among the three…. SM wants to make the SRP the SM Island, which sounds very exciting, but they’re not buying it in cash, it’s a joint venture. And recently, Ayala is also willing to offer what SM will propose,” Osmeña announced.

Both Filinvest and SM will use as model the IT Park in Lahug for their development plan at the SRP, which will require a corporation for a joint venture.

The City’s equity will be the total value of the land, which will be converted as the City’s share in stocks.

But aside from assuring that they will assume the loan payments for the SRP, Osmeña said both Filinvest and SM have not made it clear what exactly they are going to build and how soon it will start.

No financial package as payment for the City’s development of the reclaimed properties has also been presented.

He is also apprehensive about the offer of SM and Filinvest to take full control over the entire 295-hectare SRP since Bigfoot will have to be shut out if it pushes through, which he said he won’t do.

Osmeña is also considering putting off the sale of the SRP until the tunnel there is completed in two years, as it is expected to shoot up the market value of the lots there.

The mayor is expecting Bigfoot executives and their specialized architects this week to assess Pond F and see what developments they can undertake there.

Although the City already has a master plan for the SRP, he wants it to be as flexible as possible to cater to the needs of the developers.

Osmeña said he also wants to know first what exactly Bigfoot and other investors will put up at the SRP so it does not end up like the north reclamation area in Mandaue City, “which has become a junkyard for heavy equipment for sale.”

Included in the master plan of the SRP is the fire station, sewerage treatment plant, police precinct, hospital, an administration building and its extensive road networks.

[duke pikaso]

bitaw, mas maau unta na mas hatagan ug importance kung mka cater sa kadaghanan ang mga projects sa srp.. sakto jud tong dapat mka produce ug jobs ang mga projects sa srp para mbawasan ang prob sa cebu about employmnt.. plus mas nindot man tong mega yacht club kay mka attract jud toh ug mga foreigners na hilig sa mga yacht, not only foreighners but filipino as well..

:mrgreen:

[tolstoi]

what has the twerp JOEL GARGANERA been smoking these days? is he nuts?..he's delaying the development of Cebu particularly SRP on this nonsense public show up..i bet he's just campaigning his but*!


---------------------------------------------------------------------------------------------------------------------------------------------
Court asked: Stop South Road Properties deals

CEBU CITY -- Tinago Barangay Captain Joel Garganera is asking the Regional Trial Court (RTC) to stop Cebu City Mayor Tomas Osmeña, the City Council, the Cebu Investment Promotions Center (CIPC) and the Register of Deeds from marketing, selling, disposing of or leasing the South Road Properties (SRP).

He wants the court to issue a temporary restraining order and a writ of preliminary injunction.

Osmeña’s act of leasing a portion of the 240-hectare SRP to Bigfoot Entertainment Philippines Inc. without a congressional authority and public bidding is illegal, he said.

“As far as I’m concerned, the SRP has been approved by Congress. This is a bill on the loan agreement between the Philippine Government and the Japanese Government, and that was approved. If we go back to Congress for every little thing, it’s not physically possible,” Osmeña said.

Garganera explained that SRP is classified as lands of the public domain, which means that it is owned by the state.

This classification, Garganera said, was retained in Proclamation 843 of President Gloria Macapagal-Arroyo, in Special Patent 3693 and the Original Certificate of Title 3581.

He wants Proclamation 843, which transferred the ownership of the SRP to the City Government, nullified because there was no congressional authority allowing the President to transfer ownership of the land.

But the mayor, in his news conference Monday, said the loan for the 240-hectare SRP was approved by Congress and, for him, it sale or lease for income generation purposes is also good as approved.

“Personally I think this is an anti-development move on their part, like they’re trying to block the progress of the project,” Davide said in a phone interview.

If Garganera insists the lease of the SRP lots is illegal, then all establishments at the North Reclamation Area and the reclamation area along Roxas Blvd. in Manila should also be considered illegal, said the mayor.

In a phone interview Monday, CIPC Director Joel Mari Yu said he is not bothered by Garganera’s complaint and he is confident that they complied with all legal and documentary requirements where the SRP is concerned.

http://sunstar.com.ph/static/net/200...ies.deals.html


[br]Posted on: March 27, 2007, 12:53:20 AM_________________________________________________k laro kaayu hapit na election..and this is a very good publicity stunt for him!

mas maayu ikiha ni cya ug libel for making such wild allegations to the city government para mutagam..haha

[eax]

klaro kaayu hapit na election..and this is a very good publicity stunt for him!

mas maayu ikiha ni cya ug libel for making such wild allegations to the city government para mutagam..haha

Sakto kaayo.

Why man iya i-ikiha sila? Murag binugo na style. Maayo unta na ang SRP kay overnight na siya gibuhat. During sa construction sa SRP, didto pa lang na niya gi-questions ang mga legal matters ang SRP.

Paita anang SRP kay wala pa gani nabuhat daghan kaayo nag-criticize kay Mayor Tomas. Karon, nahuman na ang SRP and nakakita sila ug monetary value ang SRP ila napud gi-angkon.

[edgeknife]

mao jud tols. desperado man kaayu ning mga kusug, especially garganera. what is garganera doing is grandstanding. karon pa jud election mao pa iya ki-pasaka og kaso. why not sa una nga layu pa ang eleksyon??

tsk tsk... he is still running for councilor, again.... just like his boss alvin garcia, he already lost twice sa eleksyon...

still, wala ko butaran nga taga kusug. let's vote BO-PK!!! :mrgreen:

[tolstoi]

mao gyud mga bro..murag tungod sa iyang pagka barangay captain lang sa barangay TINAGO pirme gusto cya nindut ug publicity so he can make it to the city council this time

pilde lang gihapon ni cguro karon..grand slam

[xyberblue]

Ato nang i grandslam si garganera to lose 3 times... hehehe...

Mao lagi daun, bsta duol election mohimo daug move nga makapasikat nila...

[estor_boot]

the way i see it, Garganera has a valid argument. even if its for the development of Cebu, that should be done in accordance with the law. no worries for Tommy, its not a criminal case anyway.

yeah right, Garganera maybe using this for his own publicity but i think its lame to use this as an election issue. i am not a Cebu City voter though.