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CEBU CITY, Philippines - One of the largest real estate companies in the country is scheduled to present its proposal for the South Road Properties (SRP) this Thursday, the first step before it is allowed to enter a contract with the Cebu City government to buy or lease a lot at the reclamation area.
Mayor Tomas Osmena said Monday Filinvest Land Inc. will make its pitch before him and the City Council, a requirement before the company can enter into a joint-venture agreement with the city.
The city government has not revealed details of Filinvest's plans or how big a spot in the SRP the company plans to buy or lease.
The mayor, however, said Filinvest's plan is likely to result in a sale of SRP land.
Filinvest's formal pitch comes days after the City Council approved an ordinance that sets guidelines on how the city may enter into joint-venture agreements for SRP investments.
The guidelines, which the mayor distributed to potential investors last Friday, were the result of lengthy discussions between city legislators, the Cebu Investment Promotions Center, the National Economic Development Authority, the city administrator, and the city treasurer.
While Filinvest is scheduled to make a presentation this Thursday, Osmena said the company has long been interested in investing in the SRP.
Should the city government accept Filinvest's proposal, the council and the mayor will have to sign the contract with the company.
The proposal, however, will have to be studied before it could be approved.
“Even if we accept this, there is always a chance for others to make a counter proposal,” Osmena said.
He said that if Filinvest enters into a joint-venture agreement with City Hall, the city government's counterpart would likely be to provide utilities, such as power and water.
While the city may also put in a financial counterpart in the agreement, Osmena said it would be minimal, if it would happen at all.
The mayor said City Hall received many proposals for the SRP, most of which were turned down.
He said that Filinvest was one of the few investors who followed what it had discussed with the city.
The mayor declined to reveal the names of other investors since their proposals were not yet final.
