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

[cebu-future]

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politics politics politics in the Philippines. Puro gusto maging leader hehehehe. Unsa kaha mga project sa capitol nga correct Katong CICC, Balili Lot, suroy suroy sa sugbu, terminal sa south etc. Asa kaha ang mga correct nila nga project noh

[peewee_toot]

^^agree. ing ani jd ng politika sa pinas. hahaiz...

[giddyboy]

Subject to pre-audit
Wednesday, October 7, 2009

NEGOTIATED sales of government properties will now be subject to pre-audit by the Commission on Audit (COA), along with cash advances, payments for infrastructure projects and other transactions of local government units and agencies.

In Cebu City, the sale of the South Road Properties (SRP) through a competitive challenge or Swiss challenge model is not covered by COA Circular 2009-002, although COA’s approval of the sale price and the actual sale remains a requirement.

Terms

City Administrator Francisco Fernandez said that even before the pre-audit was revived, the sale price and mode of bidding of the SRP lots and other City-owned properties have been subject to COA’s approval, in compliance with the Local Government Code.

However, other terms and conditions of the joint venture contract between the City and Filinvest Land Inc. (FLI) were not cleared by COA, including the lumping together of the sale and joint development components in one contract.

COA revived the pre-audit of selected government transactions because “of rising incidents of irregular, illegal, wasteful and anomalous disbursements of huge amounts of public funds and disposal of public property.”

If the disposal of the property is done through a negotiated sale, the fine print of the sale contract will be scrutinized by state auditors. This will help lessen controversies after the sale, said lawyer Chona Labrague, officer-in-charge of the COA 7 legal department.

full article:
Subject to pre-audit | Sun.Star Network Online

[Calibrator]

All I can say is that Cebu City government has done a very great thing : Protecting Investors from future harassment. I think these kind of events were already foreseen by our City leaders that is why they formulated this kind of agreement. Kudos to Mayor Tommy and et al.

[fingolfin]

.. if only Capitol is not situated within the city, life would be better in cebu. Capitol should be placed in the outskirts, like put it in mandaue or even talisay. Capitol is only cashing in on the progress of the City. But look around the provinces, so slow development.

[LytSlpr]

.. if only Capitol is not situated within the city, life would be better in cebu. Capitol should be placed in the outskirts, like put it in mandaue or even talisay. Capitol is only cashing in on the progress of the City. But look around the provinces, so slow development.

i have been driving at this point long before. people from other places recognize the entire cebu province as cebu city. that is why tomas was pissed at radaza and ouano which are gwen's allies, when they screwed up their cities because they are affecting cebu city. not to mention, gwen DID NOT do anything or even said anything about radaza and ouano's money making schemes. NGANO KAHA?!

in this token, the province is ENJOYING the MULTIPLIER EFFECT of Cebu City.

[gikapoy]

i have been driving at this point long before. people from other places recognize the entire cebu province as cebu city. that is why tomas was pissed at radaza and ouano which are gwen's allies, when they screwed up their cities because they are affecting cebu city. not to mention, gwen DID NOT do anything or even said anything about radaza and ouano's money making schemes.

in this token, the province is ENJOYING the MULTIPLIER EFFECT of Cebu City.

mas daghan ug multiplier effect ang plans ni tomas kai sa mga garcia

[lomotel]

OT..@ giddyboy..wala pa prospective investors na mag tukod ug MALL sa BALILI property?

SM eyes 20-hectare property in Cebu for mall, IT buildings

CEBU CITY, Philippines — Mall developer SM Prime Holdings, Inc. is looking at a 20-hectare lot within the South Road Properties for a planned shopping mall, hotel and two information technology (IT) buildings.

SM Prime President Hans T. Sy said they were in talks with the Cebu City government, which owns the properties, through the latter’s marketing arm, the Cebu Investment Promotions Center (CIPC).

"Negotiations are still going on... We’re still keeping our lines open," Mr. Sy said in an interview during the launch of the north wing of SM City Cebu.

SM Prime originally expressed interest to develop the entire 300-hectare reclaimed property.

But the local government wanted to sell the lots to several entities who will develop large chunks of the property into industrial, commercial, tourism-oriented and mixed-use blocks.

So far, Cebu City has received an unsolicited proposal from Filinvest Land, Inc. to develop about 50 hectares of the South Road Properties.

"What we wanted before was not okay. But it’s fine because we have this crisis now, although we’re not affected by the crisis," Mr. Sy said.

"We are very much on track and we are still continuing with our expansion program," he added.

He said SM would build a mall on the 20-hectare lot. The company plans to introduce a mixed-use development in the area.

[lomotel]

OT..SM Prime holding made the right decision in putting up the 2nd SM mall @ the SRP instead of the BALILI property. Asa mo kita ug mall nga submerge sa tubig?


SM Prime Holdings, Inc. is negotiating for the purchase of 3 properties for 3 shopping malls in Metro
Cebu. Hans T. Sy, SM Prime president, said the target is to have a second mall in Cebu by 2011. "We’re in
the middle of negotiations. We will come up with some good news towards the third quarter [of this year].
But definitely, we will have at least a second site in Cebu by 2011," Mr. Sy said. Among the three properties
under negotiation is a lot within the South Road Properties (SRP), a 300-hectare property that was
reclaimed and developed by the Cebu city government. Mr. Sy said he hoped to acquire all three properties,
each having a size of four to five hectares. Negotiations with the Cebu city government over the SRP started
last year. Initially, SM Prime had planned to acquire a 20-hectare property and introduce a mixed-use
development similar to that in the Mall of Asia complex. . There is presently only one SM mall in Cebu and
three others in the Visayas — one in Bacolod in Negros Occidental and two in Iloilo City. As soon as a deal
is closed by the third quarter, commercial development will start immediately, he said. If two or all three
properties are acquired, development will be implemented simultaneously. Construction will take between
18 and 30 months.

[higanstolsdawen]

samut maglaway ang taga Capitol ane kung madayon ug tukod ang SM. kinsa ba to ang gaengun nga iro lang unya ang magsuroy2x diha sa SRP?