South Road Properties to Start Earning in 2007 (Nov 2006)
Cebu Daily News
Wednesday, 29 November 2006
The Cebu City government will start earning from the reclaimed South Road Properties (SRP) next year as some investors are expected to start constructing their facilities, according to Cebu Investment Promotion Center Joel Mari Yu.
"I would like to believe that in the first half of next year, we will see actual structures coming up," Yu said.
He said negotiations with some investors were in the final stages.
University of Cebu president Augusto Go planned to build a high-end trade high school on a 2-hectare lot across the school's campus, Yu said.
The city government and God had been talking for the leas of the area with an option to purchase, he added.
Another investor, Bigfoot wants to start constructing sound stages and a marina commercial complex. The 15 hectares for the project and another 2-hectares for the marina-commercial complex.
Yu said Bigfoot planned to purchase outright the two hectares and lease, with an option to buy, the 15 hectares.
Bigfoot also plans to build a 15-story condominium also on the two-hectare area, he said.
"The sound stage project is also their (Bigfoot's) immediate priority. They want to build four sound stages as fast as possible," Yu said.
The city government also plans to go into joint venture projects with two major real estate developers - Filinvest Land Inc. and Sta. Lucia Realty and Development Inc.
The city goverment and the Filinvest had been finalizing legal documents for a restaurant commercial complex that would be built in the vicinity of the Kawit area.
"We are also negotiating terms with Sta. Lucia. They asked for 70 hectares but we cut in half. We allow them to proceed with about 30 or 35 hectares," Yu said.
Sta. Lucia proposed a scheme of sharing with Cebu City, he added.
The city was also finalizing an agreement with the Cardiovascular Hospitals of America, which wanted to set up a medical facility at the SRP, he said.
There were pending negotiations for 12 hectares with Taiwanese businessman Paul Yu, who was awaiting the completion of the access road, Yu said. There were also three investors ready to come in upon the completion of the road, said Yu.
He said the bulk of the city's earnings from the SRP would come from its share of the utility sales, such as power and water.
"Land leases would account for not more than 35 percent (of the SRP revenues). More than 50 percent of the revenue will come from our shares of power sales and the balance from our share of the water sales and other utility sales," Yu said.
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Wednesday, 29 November 2006
The Cebu City government will start earning from the reclaimed South Road Properties (SRP) next year as some investors are expected to start constructing their facilities, according to Cebu Investment Promotion Center Joel Mari Yu.
"I would like to believe that in the first half of next year, we will see actual structures coming up," Yu said.
He said negotiations with some investors were in the final stages.
University of Cebu president Augusto Go planned to build a high-end trade high school on a 2-hectare lot across the school's campus, Yu said.
The city government and God had been talking for the leas of the area with an option to purchase, he added.
Another investor, Bigfoot wants to start constructing sound stages and a marina commercial complex. The 15 hectares for the project and another 2-hectares for the marina-commercial complex.
Yu said Bigfoot planned to purchase outright the two hectares and lease, with an option to buy, the 15 hectares.
Bigfoot also plans to build a 15-story condominium also on the two-hectare area, he said.
"The sound stage project is also their (Bigfoot's) immediate priority. They want to build four sound stages as fast as possible," Yu said.
The city government also plans to go into joint venture projects with two major real estate developers - Filinvest Land Inc. and Sta. Lucia Realty and Development Inc.
The city goverment and the Filinvest had been finalizing legal documents for a restaurant commercial complex that would be built in the vicinity of the Kawit area.
"We are also negotiating terms with Sta. Lucia. They asked for 70 hectares but we cut in half. We allow them to proceed with about 30 or 35 hectares," Yu said.
Sta. Lucia proposed a scheme of sharing with Cebu City, he added.
The city was also finalizing an agreement with the Cardiovascular Hospitals of America, which wanted to set up a medical facility at the SRP, he said.
There were pending negotiations for 12 hectares with Taiwanese businessman Paul Yu, who was awaiting the completion of the access road, Yu said. There were also three investors ready to come in upon the completion of the road, said Yu.
He said the bulk of the city's earnings from the SRP would come from its share of the utility sales, such as power and water.
"Land leases would account for not more than 35 percent (of the SRP revenues). More than 50 percent of the revenue will come from our shares of power sales and the balance from our share of the water sales and other utility sales," Yu said.