CEBU CITY, Nov. 16 (PNA) — Five investors have expressed interest in developing a township in the 300-hectare Cebu City Government-owned South Road Properties (SRP), an official said.
SRP Management Office manager Roberto Varquez said the city government identified lots with a total land area of 45.2 hectares at the SRP to be sold for that purpose.
“Township projects are already the trend now in development especially in big cities,” Varquez said.
Township refers to mix-use development that includes residential and commercial sections.
The Cebu City Hall’s committee on awards targets to bid out the properties within the month or by December.
Bid and awards committee chairman Atty. Jose Daluz III said the most recent investor interested in investing at the SRP is the Eton Properties Philippines Inc., the property development arm of the Lucio Tan Group of Companies.
While Eton is yet to submit a detailed plan at the SRP, the company already sent a letter-of-intent to the city government.
Eton Properties develops, among many others, residential condominiums, mixed-use township projects, commercial centers, and business process outsourcing (BPO) and information technology office buildings.
SM Prime Holdings Inc. and Robinsons Land Inc. have submitted separate letters of intent last year.
The details of their offer and the development plans were not disclosed yet.
Varquez said that Megaworld Corp. and another company, which he did not disclose, are also interested investors but have not sent a formal letter of intent.
The five investors all want township projects.
The projects will have commercial centers, business sections, BPO buildings and offices, and residential condominiums in order to maximize the use of the land.
SM, said Varquez, wants to construct BPO buildings in Cebu, considering that it has a BPO complex in the Mall of Asia in Manila.
Varquez said he believes township projects are advantageous to the city because of the component buildings, hence, more opportunities for real property tax collection.The original purpose of the SRP is to employ at least 100,000 Cebuanos.
“The BPO sector is already proven to be the top new job generator,” said Varquez. (PNA)