Titling Pond A (South Road Properties)

AFTER the first sale at the South Road Properties (SRP), Cebu City Hall will now work on the titling of the remaining 60-hectare unfilled Pond A, but the area will not be reclaimed.

Mayor Tomas Osmeña is scheduled to meet with Department of Environment and Natural Resources (DENR) Secretary Lito Atienza on March 12 to discuss the titling and to secure a foreshore lease agreement for the entire waterfront area of the 302-hectare SRP.

City Administrator Francisco Fernandez said the City Government will be leasing the shores of the 10.6-hectare Pond F for Filinvest Land Inc. (FLI’s) beach front development project.



Old concept

“Mayor Tom will discuss all these things with Secretary Atienza. They said it can’t be titled because it’s all water but that’s an old concept. We want to develop that area to have villas on stilts, that’s the new concept, a trend in urban waterfront development so that will be our contention when we ask for it to be titled,” he told Sun.Star Cebu.

Fernandez said that Pond A will be used for a high-end development project, which will be patterned after structures of the man-made islands in Dubai, U.A.E. and the houses that stand on canals in Venice, Italy.

As for the beachfront development, FLI and the City intends to construct a promenade, baywalk and other structures along the shore of Pond F, which FLI will develop into a cluster of high-rise hotels and condominiums.

Lease agreement

Fernandez said it will be easier and faster if the City will be the one to secure the foreshore lease agreement and not FLI, which purchased the 10.6-hectare property.

“Pond A right now is all water but its titling should be allowed already because development concepts have changed.

Anyway, it’s already surrounded by land. The mayor will argue that when he talks to Secretary Atienza. He will also bring up the foreshore lease, whether it’s possible or not, that’s still subject for discussion,” he said.

In a phone interview yesterday, DENR 7 technical director for land management Diana Apistar said the regional office cannot decide if Pond A can be titled as it is, since it’s the central office that decides on such matters.

She said, however, that titling of unfilled properties may be done “on a case-to-case basis.”

“That would require a special patent and it’s the Manila office that decides on those things. Case-to-case basis kasi iyan,” Apistar said.

In September 2005, the City Government was able to secure the certificate of titles for 210 hectares of reclaimed land within the SRP.

The 60-hectare unfilled Pond A, the close to three-hectare portion claimed by the Ting family, and at least 20 hectares of roads and sidewalks are the only remaining untitled portions of the 302-hectare facility.

Also, City Hall has completed all but one of the requirements before FLI turns over on March 3 its P348-million down payment for the joint venture undertaking with the City.

Fernandez said they just have to secure the escrow agreement with the Land Bank of the Philippines (LBP), for the latter to take possession of the titles of all lots covered by the join venture activity. (LCR)

Read more...

Filinvest to pay city P338 million next week (South Road Properties)

CEBU, Philippines - Filinvest Land Inc. will turn over the P338-million first down payment check to the Cebu City government on Tuesday.

The P338 million is part of the payment for the 10.6-hectare lot at the beach front of the South Road Properties which FLI is buying as an outright purchase after a joint venture agreement signed by both parties last month.

The down payment is pursuant to the provisions of the contract for FLI to make the first payment 30 days after the signing.



Two titles will be turned over to FLI by the city in exchange for the down payment.

The other part of the contract includes the 40 hectares under joint venture assuring the city an income share from the number of units developed and sold by FLI.

The total cost of the FLI project is P25 billion in 25 years.

The city will also create another joint venture, this time for the water utility provider for the entire 302-hectare SRP.

Acting Mayor Michael Rama is set to compose the Joint Venture Selection Committee to tackle the unsolicited proposal of Pilipinas Water Resource Inc.

Water and electricity, city administrator Francisco Fernandez said, had to be finalized the soonest since FLI is set to develop the first phases of the two areas for the next six months.

FLI will construct a cluster of high-rise buildings on the seafront, medical and retirement facilities, commercial and residential buildings and office spaces.

It is the city’s first sale of the SRP in three years. — Ferliza C. Contratista/BRP (THE FREEMAN)

Read more...

Tomas to get back his job (South Road Properties)

CEBU City Mayor Tomas Osmeña will assume full power as mayor when he comes home for a three-week vacation on March 8.

Osmeña, 60, has been on medical leave since October last year for medical treatment.

Osmeña will have a busy schedule when he arrives, with several meetings and consultations with city councilors, barangay officials, City Hall department heads, police officials and the different commissions of the City Government.

City Administrator Francisco Fernandez said yesterday that the mayor will stay in Cebu for at least two weeks. He will then fly back to Houston, Texas for further treatment of his urinary bladder cancer.



“I will assume as mayor. I will need to use my staff and office facilities. I will also be hosting several activities and consultations. Department heads, councilors, barangay officials, police, commissions, etcetera, they will officially report to
me,” he said in a text message sent from the Bahamas, when asked if he would still be on sick leave while in Cebu.

Osmeña, 60, has just finished his chemotherapy to help cure his stage three urinary bladder cancer. He will have a three-week break from treatment before he proceeds with the surgery to remove his bladder.

After his chemotherapy, he decided to go on a cruise in the Bahamas with Margot and son Miguel.

The Osmeñas are expected to arrive on March 8, City Information Officer Nagiel Bañacia said.

Bañacia said that among the activities the mayor is expected to attend is the awarding ceremony for the top 75 business and real estate tax payers of the City on March 15.

He is also scheduled to meet with Environment Secretary Lito Atienza on March 12 to discuss matters involving the South Road Properties (SRP).

But in a phone interview last night, City Treasurer Rene Empaces said the awarding of the top taxpayers is still a proposal of her office, and will need the approval of the Cebu City Council and the Office of the Mayor.

The City Treasurer’s Office (CTO) has a list of the top 75 taxpayers, but Empaces said it will not be released until it is approved.

“We are fine-tuning the list but we cannot provide the details yet because the proposed activity has not even been approved by the Council. It’s still a proposal, as part of our activities and it will only become official once the council approves it,” Empaces said.

Read more...

Council to tackle South Road Properties power supply next week

CEBU, Philippines - The Cebu City Council has postponed the discussion on the proposed memorandum of agreement (MOA) between the Visayan Electric Company (VECO) and the Cebu City government for power distribution at the South Road Properties.

The MOA was supposed to be taken up yesterday but the council has decided to cancel yesterday’s regular session to give councilors time to have a break after the celebration of the city’s 72nd Charter Day on Tuesday.

City administrator Francisco Fernandez said the MOA was submitted by Cebu Investment and Promotion Center (CIPC) managing director Joel Mari Yu to him only last Friday and he immediately referred it to the council for approval.



Fernandez said the council may take it up and act on it immediately or refer it to the Bids and Awards Committee (BAC).

It was decided earlier by the city officials and mayor on-leave Tomas Osmeña to let the VECO supply power to the SRP considering that the facility still falls under the franchise area of the power firm.

Under the MOA, VECO will pay the city 20 centavos for every kilowatt-hour of electricity supplied to the locators of SRP.

Fernandez said that at present, the city has no choice but to tap VECO because they are not capacitated to connect directly to the National Power Corporation.

He said Napocor might set a minimum requirement which is hard to attain for now since there is no evident demand yet. The city is now fast-tracking the putting up of utilities because Filinvest Land Inc. is expected to start the development of the 50.6-hectare area in less than six months.

For the water supply, the city is also set to compose soon the Joint Venture Selection Committee that will look into the unsolicited proposal of Pilipinas Water Resources Inc. — Ferliza C. Contratista/WAB (THE FREEMAN)

Read more...

FLI to pay downpayment for South Road Properties lots this March 3

CEBU, Philippines - Filinvest Land Incorporated (FLI) will be paying the P348 million down payment to the city government on March 3 for the recently-awarded P25 billion project to develop a portion of the South Road Properties (SRP).

Tristan Las Marias, FLI vice president for the Visayas and Mindanao said, the expected down payment date is on March 3, or 30 days after the signing of the joint venture contract by both parties.

The P348 million down payment is for the outright purchase of 10.6 hectares worth P1.5 billion.

The balance will be paid in a span of three years.



Lawyers of FLI are in town to represent the company on discussions pertaining to actual surveys, titling, securing of foreshore rights and other administrative and government consents for the validity and enforceability of the outright purchase.

Assistant City Treasurer Emma Villarete said, they already have a Letter of Credit amounting to P250 million which will expire on March 4, 30 days after the February 3 signing.

“By that time we can already collect the initial down payment from the bank that issued the LC,” Villarete said.

FLI will then pay the balance to complete the P348 million down payment on the same day.

The initial P250 million LC was then a placed as a guarantee fund for their unsolicited proposal covering 10 percent of the total project price.

Villarete said the down payment is already enough to cover the first semi annual payment of the P6 billion-loan of the city from Japan in 1994.

The first part of the agreement is for the 40-hectare joint venture development, which assures the city an income of 10 percent gross sales of built up units or a guaranteed premium, whichever amount is higher.

FLI is the first buyer of the SRP in three years since its completion.

The city is already finalizing the Memorandum of Agreement (MOA) for the electricity provider, Visayan Electric Company (VECO). A Joint Venture Selection Committee (JVSC) is also to be formed to evaluate the proposal of Pilipinas Water.

Utilities have to be in place since FLI is set to start development in six months. — Ferliza C. Contratista/NLQ (THE FREEMAN)

Read more...