Sell SRP lots now – Rama

CEBU City Mayor Michael Rama is working on the immediate disposal of the South Road Properties (SRP) lots saying it would be harder to sell these properties during an election year.

Rama said yesterday that he already spoke with Cebu Investment and Promotions Center (CIPC) head Joel Marie Yu and Bo Varquez to start the disposal of SRP lots and consider prospective buyers.

One of those who showed interest in the SRP lots is boxing champion Manny Pacquiao.

But Rama wanted the 2013 market value to be the basis in fixing the selling price.

“The SRP was not created for us to only look at. Now, I wanted to challenge the council (to approve the lot disposal plans),” he said.

Rama has to seek council authorization before he can dispose of the SRP lots.

“If we have buyers based on the price estimated for next year, then we might as well do it now. I will pursue selling lots designated by CIPC,” he said.

Rama also wanted the buyers to use the property for employment generation.

But Rep. Tomas Osmeña (Cebu City’s south district) maintains his stand that the proper time to dispose of the SRP lots is after the completion of the SM development project.

By then, Osmeña believes that the prices of the lots will be doubled.

The Cebu city government started selling SRP lots at P8,000 per sq. m.  for interior lots and P11,000 per sq. m.  for roadside lots. These lot costs increased after Filinvest Land Inc. and SM Prime Holdings bought portions of SRP. /Chief of Reporters Doris C. Bongcac