With 300 hectares of reclaimed land, South Road Properties (SRP) in Cebu City stands as a profitable asset for the local government. According to Cebu City Mayor Michael Rama, up to 160 hectares are left for bidding in the area. Thirty hectares have already gone to SM, for the retail giant’s Seaside City Cebu, while 50 hectares were acquired by Filinvest Land Inc. for their upcoming township City di Mare. Meanwhile, 60 hectares have yet to be reclaimed by the government.
Cebu City is currently poised to auction two lots from SRP. Measuring 16 and 26 hectares, the lots will be sold at a base price of P21,000 per square meter, according to Rama. The Mayor stated that the lots have already piqued the interest of four bidders, whom he declined to name at the moment.
One bidder, however, has publicly issued their interest in the lots. Filinvest Land, looking to expand its township City di Mare, has stated that the company will be participating in the auction.
“We will always [be interested] because SRP is 300 hectares,” said Josephine Gotianun-Yap, President and CEO of Filinvest Land.
City di Mare, meaning “City by the Sea,” is the developer’s mixed-use project containing residential, business, recreational, and retail components, with up to 60 percent of the 50-hectare territory devoted to open spaces. The project has recently been granted a budget of P35 billion.
Mayor Rama issued that the local government will implement a masterplan for the reclaimed area. It will be designed in conjunction with private developers invested or interested in bidding on the territory, said Rama.