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

[mexicanlady]

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TOM: SM not afraid of CAPITOL

CEBU, Philippines - Mayor Tomas Osmena said yesterday the unsolicited proposal of SM Prime Holdings for a lot at the South Road Properties is, so far, the best deal that the city closed after three years of negotiations.

SM is interested to purchase 30 hectares st SRP worth almost P2.7 billion, on which it intends to build a mixed-used complex anchored on a world-class shopping mall, SM also plans to build a convention facility, hotel, school, hospital and high-rise residential condominiums.

The proposed convention center will reportedly occupy a minimum area of 20,000 square meters.

Osmena said SM assured him that the development would push through even if Capitol officials would question the deal like it did on the controversial Joint Venture Agreement between the city and Filinvest Land, Inc.

" I was given assurance that they are not worried about the province. They are not scared of the province. They have full confidence in the mayor of Cebu City just like Filinvest." Osmena said.

SM will immediately pay the city of about 25 percent of the bid price within 15 days from the notice of award. The balance will be paid on a quarterly basis, which shall not exceed six years from the date of execution of the Deed of Sale.

" I want to demonstrate to the province and the probinsyanos how stupid their governor is because here, we get a better and bigger convention center without spending one centavo. We still get the P2.6 billion pesos, so, "Suya Ra ang Probinsya (SRP)," mao na akong tuyo, " Osmena stated.

He explained that the purchase will go through the usual process like the Swiss chanllenge and other documentations.

Osmena said the city expects other investors to challenge SM's proposal. SM has an asset base of at least P95 billion, but the city is reducing the capitalization requirement of P50 billion for the SRP proposal to give way to challengers.

Osmena is very optimistic that the transaction will be finalized soon and the city will receive the 25% down payment this December worth P600 million.

In a previous interview, Osmena said the city put the amount for another supplemental budget for the implementation and completion of city-initiated projects.

Early this year, the city government inked a deal with Filinvest Land Inc. and signed a joint venture agreement for the development of 50.6 hectares in the SRP.

Capitol officials, however, questioned the transaction, saying that the deal is anomalous, full of irregularities and disadvantageous to the city. - Elly Bolonos/JMO (FREEMAN NEWS)

[gikapoy]

haha.. mao gyud..

gilang sad. kay kung ma impas nasad ang utang..ang cebu city naman sad ang hayahay..hehe..

sir.. dapat anam anamon

i abot pud unta nang train sa airport oi

[LytSlpr]

sir.. dapat anam anamon

i abot pud unta nang train sa airport oi

this is a good idea just like in chicago, the blue line's last stop is o'hare airport and the orange line is the midway airport.

mura'g mo-mahal siguro kay mo labang man ug dagat. what if i-under water tunnel na pre-fab?

[rambutan]

sus.. unsa kaha if mkuha balik sa balwarte sa garcia ang ciudad sa? paksit tanang plano ni tomas..

[peewee_toot]

^^i agree. papapel ra ba au na cla...

[leonell]

SRP = Suya Ra ang Probinsya, hahaha......... naa naju'y largest convention center ang City without spending even one centavo on it. Mo overshadowed na ang CICC sa PRobincya nga grabe jud ang kinurakot ug ginasto nila ato. With the aggressive stance of land developers like Aboitizland, SM Prime, Robinsons, Ayalas and many more.......... for sure, Cebu City's landscape will be transformed in just a few years!

[LytSlpr]

sus.. unsa kaha if mkuha balik sa balwarte sa garcia ang ciudad sa? paksit tanang plano ni tomas..

i have to say that the province is INHERRENTLY rich kay daghan kaayo sila ug prime, choice lots within Cebu City.

wa gyud na panumbalinga sa province una, not until gipa-boom sa mga osmena ang cebu through MEPZA, transcentral highway, cebu business park, etc.

so it is suffice to say that the province is NOW enjoying the multiplier effect of cebu city's vision, drive and initiative.

[Calibrator]

I hope everything will go smooth. GO GO GO..

[cebulifer]

maayo pud unta magtukod na pud ang UP diha sa SRP! nag land swap man pud ni ang City ug UP. for that property sa kilid ug likod sa UP Cebu. kanang puno ug squatters.

[amingb]

Inig ka human anaing Convention Center maybe the Project Cost will be P1 Billion and is 4 to 5 Times Bigger that the CICC ( PC is 700M ) ... unsa inyo ka sulti ...

Hambog sab ni si Osmena wala siya ning sugot ang SM before kay dili siya mo sugot ug mga Tindera lang daw makatrabaho diha sa SRP gusto niya mga Manufacturing.

Sa mga Prospective Investor karon diha mga Realty man lagi.