City to put on hold another sale at South Road Properties

(The Freeman) Updated June 04, 2009 12:00 AM


CEBU, Philippines - Cebu City Mayor Tomas Osmeña yesterday said the selling of another lots at the South Road Properties (SRP) will have to wait.
Osmeña, who met with a probable locator of the SRP yesterday, said the selling of lots of the SRP will have to be put aside after another sale or two.
“We just want to let Filinvest project kick off,” Osmeña said in a text message.
Filinvest Land Inc. (FLI) entered into a joint venture agreement with the city government for the development of 50.6 hectare lot at SRP.
Osmeña said he doesn’t want businesses competing at the SRP and wanted the city to regulate the sale of other lots.
Yesterday, he did not report to the City Hall but has met with the Korean investors interested to develop the whole Kawit Island for hotel and condominium project.
“They want Kawit, I said not for sale,” Osmeña said.

He said the Korean investors also interested to invest in other areas of the SRP.
Osmeña earlier said the Korean investors may however enter into a joint venture with the city to develop Kawit.
Last Sunday, the mayor also met with American investor John Baldwin of Bridge Capital who is interested to put up projects at the SRP.
According to reports, Balwin showed the mayor actual plans for his SRP projects. Baldwin’s company developed a major tourism project in Cambodia.
Filinvest is set to begin its project in the next two months. Its investment is expected to reach P25 billion in 20 years. — Ferliza C. Contratista/LPM (THE FREEMAN)