City to close deal with 3 South Road Properties investors

The Freeman
Tuesday, December 4, 2007

The Cebu City government is optimistic it can close with three investors of the South Road Properties a deal that can take care of the city’s financial woes.

And while the city remains tight-lipped on the names of the investors, Mayor Tomas Osmeña yesterday hinted the three are prime developers that can implement internal development within their area of investment at the SRP.

“They are equivalent to wholesalers...I don’t deal with retailers,” said Osmeña, who added they are keeping the names of the investors confidential as of the moment “to avoid misinterpretation”.

Osmeña explained that the city is very selective with investors in the SRP because the city wants the SRP to be sold and developed not by lots but by complexes just like in Makati where structures are virtually connected.

Likewise, Osmeña said the city plans to put up a central transport terminal at the SRP so that people will not have difficulty going to the companies that invest there.

The Resource Recovery Facility at the Inayawan Sanitary Landfill is seen to produce electricity for locators at the SRP.

With an estimated cost of P500 million, the project will generate 10 megawatts of power, which is equivalent to 10 percent of the projected power requirement of future locators at the SRP. The power that will be produced by the landfill will be sold to SRP at 20 percent lower that the rates offered by the National Power Corporation.

Osmeña earlier said that the marketability of the SRP will allow the employment of 150 people per shift for every hectare in the site. March last year, the city paid the P250-million amortization of the SRP and subsequently secured the official title for the project. — Joeberth M. Ocao/BRP