INQUIRER Global Nation

ABOUT three blocks of the North Reclamation Area were made available for lease by the Cebu City government for interested companies.

This after the Cebu City Council approved an ordinance authorizing the lease of these properties at P30 per square meter. The properties covered are Block 27, 27A and 27B which has a total land area of 33,737 square meters.

The city impounding area is located in the area. Councilor Augustus Pe Jr. said the city will have to transfer the impounding area once the properties are leased.

Councilor Rodrigo Abellanosa first questioned the cost of its lease considering its proximity to SM mall. .

But Councilor Jose Daluz III said the amount was based on the lease price of the South Road Properties (SRP).

The city appraisal committee initially set the price at P25 per square meter. However, officials set the floor price at P30.

The amount is still subject to bidding. The lease contract runs to a maximum of 15 years subject to approval by the council. /Reporter Marian Z. Codilla