Osmeña: Accelerating the completion of SRP (Sept 2006)
By Antonio V. Osmeña
Estatements
IN practice, the terms “subdividing” and “developing” are used interchangeably. Technically, however, the application of these terms differs significantly...
There are owners, operators and speculators, for instance, who are interested only in the less intricate business functions of acquiring tracts of land at wholesale and selling them already subdivided or at retail. Will the South Road Properties (SRP) be sold like this? Or will it be offered to those who are interested in going beyond the initial stage of urbanization, and assume business functions that involve the entire development of the area.
Literally interpreted, subdividing means the “breaking-up” of one or more large tracts of land into smaller plots, subject to community regulations, if any, governing the use of property.
Where subdividing is the owner’s intent, he need not incur any additional expense, other than those related to the purchase and survey of the land, to the placement of markers or stakes at intended plot boundaries and to submit a surveyor’s “plat” of the proposed subdivision for city or municipal officials’ approval.
The “plat,” as a rule, contains information concerning (1) the subdivision name; (2) block, lot, and street designations and dimensions; and (3) proposed easements, rights-of-way and land dedicated to public use. It should be noted that the process of subdividing does not require any physical change in the land per se.
The “paper” subdivision is usually bought in its entirety for urban o suburban development as originally proposed, or it may be held for prospective higher and better uses. In the latter case, the tract of land may be “re-platted” at any time such a change appears financially advantageous to the owner. The prime motive, of course, in any case, is to reap a financial reward from the undertaking.
The owner of the SRP are the taxpayers of the City of Cebu who are now bound to pay the loan used to construct the project.
Thus, for the owner of SRP to pay its loan obligation, developing the reclaimed land is a must.
Whenever land improvements are carried out in accordance with subdivision plans and expenditures are being made to provide essential site facilites, field actions are appropriately classified as land developing.
The SRP needs additional funding for the development of site facilities from the present “raw” land.
Developing the SRP, to be socially, politically and economically successful, Mayor Tomas Osmeña should now create the Cebu City SRP Authority, where only those who are well-informed in real estate business can be appointed.
Generally, these are people with substantial experience in the real estate profession or those who are guided by real estate analysts, civil engineers or consultants who have specialized in the highly complex field of land utilization.
The SRP would probably need an additional P2 to P3 billion to make the lots marketable. The development cost would require the owner to have a business-like organization, such as an authority.
Critics believe that the people who Mayor Tom had entrusted to plan and execute the completion of the SRP have not been effective.
SRP now needs the combined skills of urban planners, architects, civil engineers, real estate consultants and financiers, all cooperating to support and recommend appropriate strategies to Mayor Tom.
The people of Cebu are wary of political maneuvers to derail the project as what had happened to the north reclamation project of Cebu City.
Estatements
IN practice, the terms “subdividing” and “developing” are used interchangeably. Technically, however, the application of these terms differs significantly...
There are owners, operators and speculators, for instance, who are interested only in the less intricate business functions of acquiring tracts of land at wholesale and selling them already subdivided or at retail. Will the South Road Properties (SRP) be sold like this? Or will it be offered to those who are interested in going beyond the initial stage of urbanization, and assume business functions that involve the entire development of the area.
Literally interpreted, subdividing means the “breaking-up” of one or more large tracts of land into smaller plots, subject to community regulations, if any, governing the use of property.
Where subdividing is the owner’s intent, he need not incur any additional expense, other than those related to the purchase and survey of the land, to the placement of markers or stakes at intended plot boundaries and to submit a surveyor’s “plat” of the proposed subdivision for city or municipal officials’ approval.
The “plat,” as a rule, contains information concerning (1) the subdivision name; (2) block, lot, and street designations and dimensions; and (3) proposed easements, rights-of-way and land dedicated to public use. It should be noted that the process of subdividing does not require any physical change in the land per se.
The “paper” subdivision is usually bought in its entirety for urban o suburban development as originally proposed, or it may be held for prospective higher and better uses. In the latter case, the tract of land may be “re-platted” at any time such a change appears financially advantageous to the owner. The prime motive, of course, in any case, is to reap a financial reward from the undertaking.
The owner of the SRP are the taxpayers of the City of Cebu who are now bound to pay the loan used to construct the project.
Thus, for the owner of SRP to pay its loan obligation, developing the reclaimed land is a must.
Whenever land improvements are carried out in accordance with subdivision plans and expenditures are being made to provide essential site facilites, field actions are appropriately classified as land developing.
The SRP needs additional funding for the development of site facilities from the present “raw” land.
Developing the SRP, to be socially, politically and economically successful, Mayor Tomas Osmeña should now create the Cebu City SRP Authority, where only those who are well-informed in real estate business can be appointed.
Generally, these are people with substantial experience in the real estate profession or those who are guided by real estate analysts, civil engineers or consultants who have specialized in the highly complex field of land utilization.
The SRP would probably need an additional P2 to P3 billion to make the lots marketable. The development cost would require the owner to have a business-like organization, such as an authority.
Critics believe that the people who Mayor Tom had entrusted to plan and execute the completion of the SRP have not been effective.
SRP now needs the combined skills of urban planners, architects, civil engineers, real estate consultants and financiers, all cooperating to support and recommend appropriate strategies to Mayor Tom.
The people of Cebu are wary of political maneuvers to derail the project as what had happened to the north reclamation project of Cebu City.