After passage of ordinance: Investors now asking about SRP lot

CEBU, Philippines – A number of investors had expressed their intent to purchase the three-hectare parcel of land at the South Road Properties (SRP).

Cebu City Councilor Nendell Hanz Abella, who authored the ordinance authorizing Mayor Tomas Osmeña to sell the properties, said that several entities already asked the mayor about the lot.

“Actually si mayor nag-mention to nga naa nay inquiry pero wa pa gyud na istorya gyud unsa ang details.  Daghan na daw nga inquiries, nga niduol niya,” he told reporters.

In fact, he admitted there is one investor who really showed interest to purchase the property, but he preferred not to divulge the name as of yet.

Earlier, Osmeña said that looking for a buyer of the property will never be a challenge, saying he knows how to negotiate.

Abella further said only one buyer is expected to avail the lot, after participating the public bidding.

In the ordinance, more or less three hectares of lot at SRP includes Lot 1-F-8-A with an area of 25,769 square meters and Lot 1-H-1 with an area of 3,349 square meters and Pond F with a total land area of 29,118 square meters more or less will be sold to interested buyers.

After the approved ordinance will be endorsed to the Office of the Mayor for concurrence, Osmeña is expected to start negotiating with the possible buyer of the lots.

With this, the Bids and Awards Committee (BAC) is expected to formulate the terms of reference in selling the property, which will be presented before the city council for approval.

Abella said the terms of reference would stipulate the mode of payment, among other details needed for its disposition.

Once the council approves the terms of reference, the BAC will immediately proceed on scheduling the public bidding, during which interested buyers will participate.

The initial bid and the final purchase price for the property, whether in whole or in part, shall be at least P110,000 per square meter, net of applicable taxes, or P3.3 billion for the entire property.

Qualified bidders must be Filipino citizens who are not otherwise disqualified by law to acquire real property in the Philippines and partnerships, corporations and other legal entities duly registered with the Securities and Exchange Commission. —/GAN (FREEMAN)