Rama asked: Seek council okay on SRP

SELLING parcels of land at the South Road Properties (SRP) should be approved by the Cebu City Council before it can be advertised to investors, the Cebu Investments Promotions Center (CIPC) said yesterday.

CIPC chief Joel Marie Yu said marketing the SRP lots isn’t difficult provided it is approved by the council.

“You cannot go around marketing something without an authority to sell. We have to put everything in place first,” Yu said.

As things stand now, Yu said it would be difficult for CIP to market the SRP now because “the buyers know what’s going on.”

He said he talked to businessmen who wanted to rent 1,000 to 3,000 sq m of lot for condominiums or office spaces.

But Yu said he continues to abide by the principle that SRP lots are intended for employment-generating activities.

Rama said he will sit down with Yu and Roberto “Bu” Varquez of CIPC for updates on the center’s marketing for SRP.

Rama said he wanted CIPC to aggressively market the SRP at a starting price of P25, 000 to P30, 000 per sq. meter.

The city government gives at least P4 million in financial assistance to CIPC per year.

“It’s not hard to sell the SRP because everybody wants to participate in it.  But the problem is the determination whether we sell it now or in the future,” Yu said.

But he said Rama should first convince the City Council to authorize the SRP lot disposal.

Yu also said the opinion of Rep. Tomas Osmeña of the city’s south district should also be considered.

Osmeña reiterated that lot sales should wait until SM Prime Holdings completes its development project in the area.

Having an SM mall there is expected to raise lot prices to increase to as much as P40,000 per sq. meters.

Yu agreed with Osmeña, saying that SRP sales should be done with a starting price of P30,000 per sq. meters.

“In the next five to 10 years IT Park and the Cebu Business Park will be nothing compared to the SRP because of its location, safety and the surrounding areas,” said Yu.

Rama said in a separate interview that Osmeña did not secure council authority when he negotiated with Filinvest Land Inc. and SM for disposal of SRP lots to them.

He said negotiations were made with Osmeña making an “internal agreement” with councilors that authority would be asked before he would close any of the two lot purchases.

Until then, Rama said he wanted the SRP lot sales to be publicized especially to inform prospective buyers. /Doris C. Bongcac, Chief of Reporters