Robinsons, Japan firm want to invest in SRP

Two real estate developers have expressed their interest in investing at the South Road Properties (SRP).

Mybelle Aragon-Gobio, senior vice president for Robinsons Residences and Robinsons Luxuria, wrote Mayor Michael Rama on December 6 to express her company’s interest on the 26.3 hectare lot now occupied by the San Pedro Calungsod templete, which the city government is planning to sell.

If sold Lot 8-B will earn the city government about P5.8 billion which will take care of half of Mayor Rama’s P10.5 billion budget proposal next year.

RETIREMENT HOME

A Japanese investor and its local partner also wrote Rama on November 19 to express their unsolicited proposal for the lease a 12,500 sq. meter lot at the SRP for the establishment of a Japanese retirement facility.

The letter by Kazuhito Matsuda, general manager of I-Land Co., Ltd. and William Christopher Liu Jr., president of the Aquila Primary Corp. “affirms our commitment, after several meetings with the City Mayor Michael Rama, to invest in (the) South Road Properties to help spur economic development in the area.”

“Robinsons Land Corp. would like to signify its serious intent to acquire the 263,384 sq. meter property at the South Road Properties (SRP),” Gobio’s letter states, a copy of which was received at the mayor’s office on Dec. 10.

JOINT VENTURE

Her company, Gobio said, is willing to acquire the property through a joint venture agreement with the city or through an outright sale.

“We respectfully request for a meeting with your office or your designated office (representative) so we may obtain the specifics on the subject property and discuss our proposal,” the letter states.

Mayor Rama endorsed to City Administrator Jose Marie Poblete yesterday, Gobio’s letter for action.

Robinsons is the second company to express an interest on Lot 8-B aside from SM Prime Holdings.

Lawyer Jose Daluz III, Rama’s executive assistant, said they are now accepting and studying all letters sent to the city government expressing interest on any parcel of land at the SRP.

FORMAL BIDS

The city government, he said, will soon be calling for formal bids on Lot 8-B so that the bidding process will be followed on the city’s plan to put up the parcel of land for sale.

Matsuda and Liu informed Rama in their letter that they will be pooling their resources “for the construction, development, management and operation of a prime retirement facility (at the SRP) with fully-furnished and/or unfinished units and full service support facilities (recreational area, parking area and other amenities) that would specifically cater to Japanese retirees.”

Their proposed facility will cost P1.3 billion and will consist of three building with a total of 850 rooms and able to accommodate 1,125 retirees.

“This project is expected to generate employment to over 2,000 Cebuanos that will help spur the construction industry and the local economy in general,” their letter to Rama states.

If the city government accepts their proposal, Matsuda and Liu said, they are prepared to lease a lot at the SRP for a period of 25 years with a rate of $0.50 per sq. meter per month.

While they expressed interest to avail of both national and local tax incentives and alliances with the Philippine Retirement Authority, they are also prepared to advance rental for a period of one year upon execution of the contract with the city.