ABS-CBN owner explores interest

Cebu City Mayor Michael Rama said he hopes to attract the interest of  Eugenio “Gabby” Lopez III, head of television network ABS-CBN, to acquire a portion of the 300-hectare South Road Properties (SRP).

He said  that Lopez, ABS-CBN chairman of the board,  during a recent dinner expressed interest to invest in putting up a commercial establishment in the city  similar to Rockwell in Makati.

“The SRP is designed not to wait but to generate employment,” said Rama, who met with the television magnate just before his Japan trip last week.

Roberto Varquez of the Cebu Investment Promotions Center (CIPC), marketing arm of the city-owned SRP, said he hasn’t received an official proposal about this yet to buy lots in the reclaimed land.

Varquez said there was a need to “broadcast” the city’s interest to sell SRP lots to attract more investors.

Bidding could start at a floor price of P25,000 to P30,000 per square meters with the City Council’s approval, but the mayor has a major disagreement over what to do with the SRP, with Cebu City Rep. Tomas Osmeña and his allies insisting  it is better to wait for property values to go up first after SM and Filinvest develop their SRP lots.

CIPC has subdivided the unsold portions of SRP into 12 parcels of at least 12 hectares each.

Mayor Rama visited the SRP Wednesday afternoon to check on the status of projects there like a newly completed jetty and a senior citizens building that is almost finished, with a tower and welcome sign.

He also inspected Pond F where a white-sand beach is being proposed.

The mayor said he wants to find clear funding for the white-sand beach project after he meets with Varquez and CIPC head Joel Marie Yu.

Rama said he will meet with an architect to discuss how to improve the  senior citizens building beside the Sugbu administration building in Kawit Island.

While the interior is ready for use, the  building’s exterior needs refinement, he said.  It has a stage outside.

After his visit, Rama said he is more determined to start a new push for sales of additional SRP lots.

“The right thing to do is to sell the SRP,” he said.

Rama said sales from the city-owned property can fund the delivery of more services to Cebuanos and address problems of drainage, peace and order, and his proposal for a  bail-out program to help City Hall employees get out of debt.

He said there are several items in his original P11.8-billion budget that the council did not approve of, which could be funded from SRP sales.

Rama said the SRP is for Cebuanos and not to benefit a few who see the  reclamation project as their “baby,” a comment apparently referring to Congressman Osmeña.