Osmeña: South Road Properties Master Plan Designed to be Flexible
By Doris C. Bongcac
Cebu Daily News
Last updated 12:00nn (Mla time) 03/07/2007
The South Road Properties (SRP) does have a master plan, said Cebu City Mayor Tomas Osmeña, but it’s “flexible” to fit the needs of any investor who is opening a business at the 300-hectare reclamation project.
“It always has to be flexible because our customers are developers not individuals. Our master plan can always give them a general idea or concept of what we allow there (in a specific portion of the SRP),” Osmeña said.
“We can't (also) sell the SRP to the Japanese (for funding) without a master plan,” he added.
Osmeña denied accusations by former mayor Alvin Garcia that the city's lack of a master plan is causing the delays in the disposal of parcels of land at the SRP.
Based on the city's master plan, Pond F that is considered as a “prime area” is designated for “high end” developments like Bigfoot's plan to put up a yacht club.
The property can also be used for the establishment of a private school there, the mayor said.
Osmeña said the SRP is so flexible that can be sub-divided into six development areas. The city government can later open access roads in between these properties.
A portion of the SRP located near Pond A was already set aside for Bigfoot's use.
The mayor recently entered into a 25-year lease contract with Bigfoot where the city government is expected to earn a lease of at least $.40 per square meter.
Bigfoot is putting up a sound stage that will be used as sets for international films that will compete with those that are found in Hollywood in a two-hectare property in Pond A.
“Do you know what impact this will bring to Cebu if all the actors like Tom Cruise and James Bond movies are shot here? Patay gyud ang Manila ana,” the mayor said.
Bigfoot’s architects were scheduled to visit the SRP yesterday to assess the area where they plan to put up the their sound stage.
Osmeña said Bigfoot is also interested to buy 16-hectares at the Pond F for P12, 000 per square meter to open a yacht club.
Other investors like Philinvest and SM Prime Holdings are also interested to get a share of the reclamation project.
Both have proposed a joint venture with the city government wherein they will help the city pay off its P6-billion loan for the reclamation project, said Osmeña.
The SRP will be used as the city's equity that will be converted to shares in a corporation that will be created to manage the joint venture.
“It's a good offer but they are not clear as to what they are going to put in there and how soon,” said Osmeña.
Osmeña is apprehensive that SM will take custody of the SRP to prevent any competitor from opening a business there.
He also wanted to wait for the completion of the South Coastal Road tunnel that will further enhance the project's marketability and will lead to an increase in the market value of the reclamation project.