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

[INFRACTION]

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dah ngano ni enter ang kugtong papansin ni cyas media..... beh ampo na lang dong na makadaug kag lotto di maora para naa kai ikabayad sa 20M ..........

[lloydjon]

nganong ni enter...........

[bongjo]

basin mahagsa nasad nang mga chopper na galupadlupad sa srp, samot!gihimo na man ni training ground, anghel magbalantay ipalayo intawon...

[Wind Shear]

Seems MAdlS can't handle the pressure of SRP, how much kaha sa issues on basic services in Cebu City?

SRP’s character “as a hub of growth and progress of a city increasingly in need of more space” is not lost even if it is turned over to the National Government.

ANG WALA NIYA KABALO, ANG TAXES TUA NA SA NATIONAL GOVERNMENT, WALA SA LOCAL GOVERNMENT!

Mao gani nagpatukod ang SRP aron moincrease ang revenue sa tax sa Cebu City. Unsaon!

SRP is here to stay; it cannot be physically uprooted from Cebu.

Of course my dear, of course, only dumbs will say that.

[omad]

MDLS should have know about SMPHI's offer to be the developer of the SRP so she wouldn't have said that "give it back to the national government" speech. this is what SMPHI do best, managing properties and they even included "taking over the full obligation of paying” for the balance of Cebu City Hall’s P6.3-billion loan with the Japan Bank for International Cooperation" in their offer. this is way much better than giving the national government full control of the SRP. but MDLS already put that option out there first so it would be harder to take it back.
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Monday, April 30, 2007
SMPHI ‘willing to wait’ for SRP
By Malou M. Mozo
Sun.Star Staff Reporter

“WE are willing to wait.”

This was SM Prime Holdings Inc. (SMPHI) president Hans Sy’s response on queries about the company’s plan to take full control over the 295-hectare (ha) South Road Properties (SRP) in Cebu City.

To signify its confidence over Cebu’s bullish economy, he said SMPHI will not abort plans of long-term development strategies for SRP.

“We can’t make any move yet because we are still awaiting a formal position. There’s no firm offer. It has not reached to the level if we are developers or what. There are many things to settle like the master plan, price, technical details, etcetera, but we are willing to wait,” Sy told reporters.

Sy was in Cebu Friday for the soft opening of the SM City Cebu Northwing, which is a five-level annex to its existing 13.8-ha property at the Cebu North Reclamation Area.

He said the company’s multi-billion-peso offer, which includes “taking over the full obligation of paying” for the balance of Cebu City Hall’s P6.3-billion loan with the Japan Bank for International Cooperation, involves a mixed-use facility and an information technology (IT) park at the SRP.

“It will be another Mall of Asia type of development,” he said.

Capitalizing on the burgeoning growth of the IT sector, SMPHI initially offered a joint venture with the City Government to develop an IT Park within a government-owned lot, similar to that of the Cebu Provincial Government and the Cebu Property Ventures and Development Corp. (CPVDC).

CPVDC, a subsidiary of Ayala Land Holdings Inc., developed the Asiatown IT Park in Barangay Apas, Cebu City.

SMPHI earlier mulled plans to invest P2 billion for the construction of two more malls in the province. The company was eyeing the SRP as a feasible site for one of its malls.

full story
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[ponsoy]

I'm confident the courts will decide in Cebu's favor, not Garganera.

[moonski]

A BLOG BY CHIZ SCUDERO REGARDING SRP....

you will be my #1 SENATOR this coming election sir :mrgreen:

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Cebu’s South Reclamation Project to boost economic growth of the region

I support the Cebu City government in its claim that the South Reclamation Project’s (SRP) transfer of ownership is valid and required no congressional approval after a local leader disputed in court the legality of the land transfer and its lease.

This is my reaction to queries about the transfer of the national government of an approximately 330 hectares of land to the city government without congressional authority.

Without in any way interfering or influencing the outcome of the case, I am of the firm belief that under the local government code, other existing laws and relevant decision of the Supreme Court, the national government’s transfer of the reclaimed area’s full ownership to Cebu City is legal and as such, made it a patrimonial property of the city. This is my reaction as a lawyer and as a teacher of Land Titles and Decrees at the University of the Philippines College of Law.

Being a patrimonial property of the city, it may dispose of it in any way it deems necessary as provided by Section 22 of the Local Government Code and it can lease or sell portions of the SRP to private individuals as well as qualified corporations.

The Cebu City South Reclamation Project, now the South Road Properties (SRP), funded from a loan given by the Japanese government, aims to reduce poverty incidence and accelerate economic growth in Metro Cebu as export processing zones and light industries are envisioned to sprout on the reclaimed area, bringing in 100,000 jobs for Cebuanos.

The project, a major endeavor of Cebu City Mayor Tomas Osmeña, would also boost further the tourism industry in the region as condominiums and hotels would also rise on its beachfront.

In our fight against poverty, political differences should be set aside as far more important matters, like this one, should first be addressed.

http://chizescudero.blogs.friendster.com/
http://chizescudero.blogs.friendster.com/
http://chizescudero.blogs.friendster.com/

Sometimes Chiz is a pain in the arse but this guy is brilliant... This is what Filipino need.. I maybe a little OT. Sorry mods

[moonski]

i do really hope that it will turn out to be another CBP not another North Reclamation.

This is what i like about Osmena's except those few mga "igat". They are looking about 10 to 15 years ahead. like Lito, he's a good man... Go Tom...

[omad]

I'll just share this article with y'all. I wished that MDLS had time to read this before she opened her mouth with regards to the SRP issue. everything has been said and done and she could have left it as it is but no, she had to e-mail that writer back and have her explanation printed on paper - which I think doesn't have anything new that we all didn't know about - and all I can say is, "it became the last nail on the coffin" as far as her mayoral candidacy is concerned. so much for that SRP debate she always wanted.. sad.. really sad.
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Tuesday, May 01, 2007
Talk back: The South Road Properties
By Joel Mari S. Yu
Managing Director
Cebu Investment Promotions Center

HENRY Louis Mencken (the famous American Editor) once said…”To every problem, there is a solution that is simple, direct and wrong!” Ang atong SRP naay dako nga utang. Atong iuli sa National Government haron wala na tay problema.” Simple, direct and wrong!

Cheking Seares was right. Mary Ann de los Santos fumbled on the SRP, Cheking said, and we applaud, “She doesn’t see it as the most valuable real estate in Cebu, which it will be, once it finally becomes the hub of growth and progress of a city increasingly in need of more space.”

Then Mary Ann fumbled a second time. Instead of letting the issue die, she responded to Cheking’s comments on her faux pas by trying to backtrack and instead claim that “she is open to suggestions.” However, she continues her response by miring herself deeper in her naïve arguments, all backing up her original proposition to turn-over the SRP to the National Government (NG).

These are the facts, devoid of political color.

1. The country’s biggest taipans would all have given their eyeteeth for the opportunity to have done the SRP. Make no mistake about it, real estate is all about location, location and location. The SRP is a one-piece greenfield waterfront property, in an island setting, five minutes away from the Central Business District and the port of Cebu, and not more than 30 minutes away from the International Airport. As a matter of fact, it is 300 hectares of prime space in the heart of the 2nd largest and fastest growing economy in the Philippines. It is not in the boondocks. Its value has since been enhanced tremendously by its being declared a Special Economic Zone by PEZA and Malacañang. No easy feat, even for a Taipan.

Then there is the other issue of privilege. The City of Cebu was granted the exceptional privilege of undertaking and owning this project without having to share land with the NG, and being allowed to avail of Official Development Assistance by way of concessional loans normally only available to the NG. Any other entity undertaking this project would have had to share land with the NG and would have had to raise the money from commercial loans which are at least double what the City of Cebu is paying for our SRP loan.

By the way, greenfield means the property is like a blank piece of paper. It provides the owner 100 per cent latitude on planning, devoid of obstacles like existing structures or squatters. Greenfield is every property developer’s dream.

2. Paying back the loan was never an issue. We have demonstrated that the country’s biggest and most qualified taipans are all interested in acquiring the entire SRP. And mind you, they will willingly borrow money at interest rates much higher than what we are currently paying, to buy it from us – at a tidy profit for us, notwithstanding. And these are the best business minds in the country. If Mary Ann de los Santos turns over the SRP to the NG, it will immediately turn around and sell the property to the same taipans who are trying to deal with us, and make the profit for themselves….making all of us Cebuano’s look like idiots.

At today’s exchange rate, the cost of land (principal plus interest) at our SRP stands at not more than P3,000 per square meters. Even if we only sold it for a measly P5,000, even Mary Ann will not doubt that the property will sell like hotcakes. Every qualified Tom, Dick and Harry will beg, borrow or steal to acquire land at our SRP for that price. The banks will unload their excess liquidity for a land banking opportunity that cannot be greater than this. And we would still make P2,000 profit per square meter, which will come up to a nice tidy figure of no less than P20M per hectare or P4 billion for a net area of approximately 200 hectares.

What is also not common knowledge is that our status as Special Economic Zone grants us franchise on all utilities within the SRP. The City of Cebu has negotiated with Veco for franchise fee of no less than P0.20 on every kilowatt hour sold in the SRP. The selected water operator will pay us P5.00 per cubic meter of water sold and the City will charge up to 10 per cent of gross receipts for all telecommunications receipts there. This does not include fees from LPG and other gasses, and all other fuel vendors, plus service fees from all other contractors and concessionaires in the SRP.

If Mary Ann or anybody else for that matter is impatient over the SRP, it is because the City is evaluating alternatives in the search for an optimal solution that will secure its financial obligation and at the same time provide if the control it will lose if it expediently sold the property to a taipan. The City of Cebu will not lose its shirt by being evaluative and prudent.

Knowing this, would you still turn over the SRP to the NG? In fact, turning over the SRP to the NG is like SM or Ayala or San Miguel asking the banks to take over their enterprises in spite of their assets, revenue and profits, because they don’t like debt.

In closing, I ask, let us not be our own worst enemies, which is what the international community thinks of us. The SRP is not just a revenue stream, it is our future. We need it to grow, physically and economically, and no Cebuano should doubt this.

link
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[ponsoy]

Very convincing. nuff said.