City hopes to draw more investments ( South Road Properties )

By Jessica Ann R. Pareja Garry B. Lao
Saturday, September 27, 2008


A day after receiving a formal offer from Filinvest Land Inc. to develop 50 hectares of the South Road Properties, the City of Cebu continued pushing the SRP to potential investors.

Mayor Tomas Osmeña along with Joel Mari Yu of the Cebu Investment and Promotions Center (CIPC) showed to delegates of the 2008 National Developers’ Convention and Exhibition at the Marco Polo Plaza Hotel what Cebu has to offer.

Yu highlighted the SRP as Cebu’s centerpiece for development.

Osmeña also pointed out that the city did not make a master plan for the SRP as this would be a “fixation.”

He said that the city has to be flexible with regards to this project so that it can go along the needs of the investors.

“The world is changing, so our thrust is to be as flexible as possible,” said Osmeña.

FLI plans to buy 10 hectares from the city and develop and additional 40 hectares in a joint venture.

Osmeña said that the city would be in a better position to earn more from a joint venture since it will get a share from the gross proceeds and not only of the profits.

“Whether they make a profit or not, we will get the portion of their sale. By this, there will be no discretion and less corruption,” Osmeña said.