Tomas offers South Road Properties to Japanese Telecom Officials for investment

The Freeman 03/22/2007

Mayor Tomas Osmeña yesterday announced that he presented the South Road Properties for investment to Kyowa Exeo Corporation, which is deemed as the second largest telecommunications company in Japan.

The mayor said he is trying to market the SRP to telecom providers because the city needs such services.


Officials of Kyowa have been in Cebu for a local project with Innove Telecommunications, and yesterday, they visited the mayor’s office along with an officer of the Cebu Investment and Promotions Center, the marketing arm of SRP.

During the meeting, Osmeña said he took the opportunity to market the SRP to the Kyowa officials by giving them information about Cebu and the SRP.

Osmeña admitted however that Kyowa might be considered relatively "small" over the city’s needs for a company " "that is reliable with an international reputation."

The Japanese visitors told Osmeña that they were fascinated about the new data they learned about Cebu, which initially they thought was only good for its beautiful beaches.

After a meeting, Osmeña instructed the officers of CIPC to accompany the visitors for a tour of the SRP.

So far the companies that have already manifested interest to purchase properties at the SRP are SM Prime Holdings, Robinson’s Land, Filinvest and Bigfoot Global Solutions.

Osmeña said there "are rules to follow" and he could not still decide yet who, among them, the city would sell the SRP but he assured the public that any decision that the city government may come up later would be best for the city.

The city has already signed an agreement with Bigfoot, which plans to buy two hectares at the SRP and put up a studio and soundstage there. Bigfoot even paid the city over US$500 as five-year advance payment.

Osmeña has said several times before that he is "hungry" to sell the SRP because the city must meet its liquidity requirements within the next two to three years.

He added that the city only needs one "big" sale, after which it would be choosy in accepting investors to SRP. "Make a deal now because after that we will be picky," ran the mayor’s message to interested investors.

Osmeña further said the city is making sure that the projects to be put up in the SRP provide income to the city and employment opportunities to the Cebuanos. — Wenna A. Berondo/RAE