Filinvest to buy 2 hectares more of SRP

FILINVEST has expressed interest to purchase the remaining two hectares of Pond F of the South Road Properties (SRP) in order to own the entire 12-hectare beachfront but Cebu City Rep. Tomas Osmeña isn’t keen on selling.

Tristan Las Marias, Filinvest vice president, discussed the plan in a dinner meeting with Cebu City Council members on Wednesday.

He said Filinvest has already reached P1.3 billion in its pre-selling of condominium units which they will build in a 40-hectare property across Pond F.

The reclaimed land is being developed under a joint venture agreement with the Cebu City government.

“No, we are not selling,” said Congressman Osmeña in an interview.

“He (Filinvest) already has 10 hectares and he has not even done anything yet.”

Osmeña, who was not present in the dinner meeting, said he would lobby allies in the City Council to prevent the sale of any more SRP lots to Filinvest or other interested buyers in order to wait for actual commercial development to start, which would increase the value of the reclaimed land.

Las Marias told councilors Filinvest has presented the proposal to Cebu City Mayor Michael Rama.

Osmeña said that if Mayor Rama agrees to a sale, “I will convince the council to stop the disposal.”

The former Cebu City mayor who led the 300-hectare reclamation project and was instrumental in the sale of portions to Filinvest, said the city government should wait until the cost of SRP lots “shoots up” before selling more.

When commercial developments by Filinvest and SM Prime Holdings Inc. are started, he said the cost of SRP land would rise several times over its present value.

“Let him (Filinvest) start their development projects. All he has set up there are just billboards. Right now I am not convinced of the need to sell,” Osmeña told Cebu Daily News.

The council earlier passed a resolution sponsored by Councilor Jose Daluz which would double the price of SRP lots in future sales following the investment of Filinvest and SM Prime Holdings Inc.

From its original price of P15,000 per sq. meter, the cost of Pond F for example would rise to P30,000 per sq. meters with the passage of Daluz’s resolution. Pond F consists of 12 hectares, of which Filinvest already bought 10 hectares.

Not included in the purchase was a portion of pond F near the South Coastal Road bridge which connects SRP to Talisay City. This was part of the disputed portion of the SRP which first district Rep. Eduardo Gullas earlier claimed belonged to Talisay City. Chief of Reporters Doris C. Bongcac