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While three investors are bringing in new enterprises in the South Road Properties (SRP), the Cebu city government is making sure new developments will not compete with the city's joint venture (JV) with Filivnvest Land Inc.
Cebu City Mayor Tomas Osmeña said he does not want a lot of construction work going on at the same time in the SRP as it might affect the business of the city's joint venture deal.
He assured other investors that there would be no bias in favor of one or another entity.
The minimum share of the city in the Filinvest joint venture is the price of the land plus 20 percent. Therefore the city government does not require Filinvest to compete with other investors.
The JV project includes building condominiums. If Filinvest doesn’t profit from the project the city gets the minimum share.
However, if 10 percent of the gross sales of Filinvest is a higher amount, the city can collect its share over the minimum profit share.
SM Prime Holdings is proposing to build a hotel with a floor area of 60,000 square meters but did not specify in the proposal when constrution would start.
Osmena said he won’t tell the investor what do do on the property bought from the city.
SM is the third major investor in SRP and has proposed to buy 30.4 hectares for P2.7 billion.
Like SM, Bigfoot Entertainment International submitted its draft proposal to Osmeña yesterday.
In their draft proposal, the mayor said Bigfoot plans to buy six hectares, where it could build apartments to house technical employees from the United States./Reporter Marian Z. Codilla
