CEBU CITY, July 13 (PNA) — Three big locators at the South Road Properties (SRP) agreed to undertake the comprehensive drainage master plan in the area.
These are giant real estate developers Filinvest Land Inc. (FLI), SM Holdings and Ayala Land Inc.
Cebu City Mayor Michael Rama has welcomed the move of the three locators because they are the ones who will be affected by the flood in the area.
Earlier, FLI appealed to the Cebu City Government to address flooding at the SRP and to come up with the drainage master plan.
FLI vice president Allan Alfon was appointed to lead the group because it was FLI which first brought the flooding to the mayor’s attention.
FLI owns a 10.6-hectare seaside lot at the SRP, where it will build commercial and retail spaces.
FLI is also constructing medium-rise and high-rise residential buildings in the City di Mare, a 40-hectare area being developed through a joint venture with the Cebu City Government.
SM Holdings Inc. is also developing the PHP8.5-billion SM Seaside City project which is expected to become the biggest shopping mall in the Visayas and Mindanao when it opens later this year.
Rama also tapped the help of Ayala because the developer, in consortium with SM, also purchased lots at the SRP.
The city recently sold to FLI and the SM-Ayla consortium a total of 42 hectares of land at PHP16.76 billion.
Rama said the three investors should work together since the comprehensive drainage master plan will traverse their properties. (PNA)