Cebu seeks ADB grant for new projects (South Road Properties)

CEBU — The Cebu City government is planning to implement at least two projects as soon as it starts generating additional revenues from the sale and development of the South Road Properties, a 300-hectare reclaimed area that is envisioned to be a mixed-use complex.

One of the projects is the proposed 5.6-kilometer highway that will connect the reclaimed area to the villages of Pardo and Toong, where a proposed "urban poor city" is being planned.

City administrator Francisco Fernandez said the city government might be able to secure a grant from the Asian Development Bank, whose representatives visited the proposed site last Friday. The ADB is looking at providing a grant for the opening of the road from the South Road Properties to the proposed housing site.

Filinvest Land, Inc. formally submitted last week its unsolicited proposal to purchase a 13-hectare lot for about P2 billion and develop a 35-hectare lot in a joint venture with the city government.

The South Road Properties is a 300-hectare development that was reclaimed by the Cebu City government using a 12-billion-yen grant from the Japan Bank of International Cooperation. — GRMT
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which is which? 10 hectares for 2 billion and 40 hectares for joint venture with the city OR 13 hectares for 2 billion and 35 hectares for joint venture?

by the way, this article is from businessworld..