Cebu City Mayor Michael Rama is studying a proposal for the establishment of a retirement facility at the South Road Properties (SRP).
He said a Fukouka City-based firm i-Land Co., Ltd. is interested in putting up the “Japan Longstay Paradise, Cebu” to cater to “active and assisted living Japanese seniors in Cebu City.”
Rama received the proposal during his visit to Japan last week.
The facility would be designed with amenities of a vacation destination and occupy 8,000 square meters.
“What they wanted to have in Cebu is a combination of a condo and something that have the ambiance of a paradise,” he said.
Rama showed reporters a copy of the proposal signed by Tkayuki Kmezu, president of i-land Co., Ltd.
The facility would have two 20-storey buildings with 228 apartment units per building.
The retirement facility would have a Japanese garden, spa area, day care center, beauty aesthetic salon, training gym, night club, swimming pool, an elderly care facility, harbor area, marine sports activities and a horse riding and trekking area,
Mayor Rama said that his office would study the proposal, in consultation with the City Council and the Philippine Retirement Authority.
“It should not be hurriedly done,” said Rama of the project.
He said it was enough for him to know that a private company was “serious” about investing in the SRP.
Sought for comment, Councilor Margot Osmeña, majority floor leader and budget committee chairperson, said she was happy to hear there was a plan to have a retirement facility at the SRP.
She said this was something her husband and former mayor Tomas Osmeña also wanted to have at the SRP.
However, she said that implementation would involve a long process.
The investor needs to submit its unsolicited proposal to the city government for study.
She said there is also a need to clarify what arrangement would be made — a lot purchase, lease or a joint venture agreement with the city.
Osmeña said that the concurrence of the City Council was also needed for the project since it involves financial considerations for the city.
The joint venture agreements for SM Seaside City and Filinvest in the SRP also went through scrutiny by the city government.
“If that is true that they (executive department) finally received the proposal the that is good,” she said.