3 developers ask council to endorse property at SRP

Property at SRP

NEIGHBORS TO COME. More locators are expected at the South Road Properties with the consortium of Ayala Land Inc., SM Prime Holdings Inc. and Filinvest Land Inc. seeking to develop a 26-hectare property at the SRP into a mixed-use economic zone. (Sun.Star Foto/Allan Cuizon)

THE three developers that won the bidding conducted by the Cebu City Government for land in the South Road Properties (SRP) last year are requesting the City Council for an endorsement of their 26-hectare mixed-use economic zone.

The City awarded the lot to the consortium of Ayala Land Inc. (ALI), Cebu Holdings Inc. (CHI) and SM Prime Holdings Inc. (SMPHI) and Filinvest Land Inc. last July 21, 2015.

Of the 45.2-hectare lot subjected for bidding, 26 hectares were bought by the consortium of Ayala and SM, while 19.2 hectares were bought by Filinvest.

Requirement

In a letter to Vice Mayor Edgardo Labella, dated Sept. 5, ALI, CHI and SMPHI asked the City to issue the endorsement, which is a requirement for their registration agreement with the Philippine Economic Zone Authority (Peza).

“The property is part of the SRP, which was issued a Peza Certificate of Registration to the City Government as developer or operator of the Special Economic Zone (SEZ) last Jan. 6, 2006,” the consortium said.

As an SEZ, the SRP is a mixed-used economic zone that will house Information Technology (IT), tourism, medical tourism, commercial, institutional, recreational and retirement facilities, and light manufacturing industries, as confirmed in the letter issued by the Ecozone Development Department of Peza last June 22.

For its part, CHI, in a letter to Peza last June 14, had requested the amendment of the certificate of registration between the City Government and Peza.

Amendments sought

It also asked to be registered as a developer or operator of the property and the formal assignments and transfer of the rights and obligations of the City under the registration agreement, including the incentives of the property.

“It also requested the confirmation that the classification of the property as a special economic zone may be deemed to include the classification as an IT park, and consequently, the issuance of a supplemental agreement to the effect,” CHI said.

The council referred the matter to the committee on budget and finance and urban planning for study.

Source: http://www.sunstar.com.ph/cebu/local-news/2016/09/17/3-developers-ask-council-endorse-property-srp-498331