CEBU, Philippines - The Cebu City Council is expected to decide today whether or not to approve a proposal from Japanese investors to build a P1.41 billion retirement facility at the South Road Properties.
Mayor Michael Rama has appealed to the members of the council to expedite the approval of the proposal.
The council is expected to discuss the final proposal for the Japanese investors to lease 12,500 square meters of SRP at P32 per square meter. The amount, however, is lower than the P100 rate that Rama had proposed and the P50 floor price set by the city appraisal committee.
Councilor Alvin Dizon said appropriate actions will be made today.
“We will take up on this carefully. We will see and heed on the decision of the majority,†he told The Freeman.
Rama said he wants the council to decide on the proposal the proposal from the ILand Way Philippines Inc and Primary Properties Corporation with circumspect.
ILand Co Japan has established a sister company in Cebu, I Land Way Phil. Inc, and entered into a consortium with Beta Aquila Primary Corp, a sister company of Primary Properties Corporation, purposely to develop a retirement hub at the SRP.
“I would like to appeal to the City Council to really find time to discuss the proposal para madali kay it is a very good project. Dapat magkasinabtanay ta kay we are talking about the magnitude, enormous, and overwhelming revenues and benefits that such retirement facility will be giving to the city,†he said.
Councilor Gerardo Carillo, chairman of the retirement facility ad hoc committee, earlier told The Freeman that the retirement hub itself is more important than the proposed floor price of the Japanese investors.
“We will study carefully that (proposal). The rental doesn’t really matter because what is important is the commencement of the project to spur more economic activity in the city,†Carillo said. (FREEMAN)