PROPONENTS of a Japanese retirement facility project at the South Road Properties (SRP) in Cebu City made a presentation of their project proposal before city officials led by acting Mayor Edgar Labella Tuesday night.
An article posted on the city’s Public Information Office’s Facebook account quoted ILand Co. Japan president Kasuhito Matsuda saying that they chose to pour in their investment of about P1.4 billion in Cebu City because it was “the most ideal place for a retirement facility.”
Councilors Gerardo Carillo, Hanz Abella, Richard Osmeña, Noel Wenceslao, Dave Tumulak and Mary Ann delos Santos presented a resolution in yesterday’s session seeking approval of the Terms of Reference (TOR) of the proposed retirement facility.
EXECUTIVE SESSION
But they later agreed to first hold an executive session with lawyer Jose Daluz III, head of the city’s awards committee, SRP manager Roberto Varquez, City Legal Officer Jerone Castillo and members of the city’s appraisal committee before they would act on the request for the TOR approval.
The council’s executive session is scheduled on February 19.
ILand Company and its local partner Beta Aquila Primary Corp., a company of Primary Properties Corp., proposes to build the Japanese retirement facility on a 1.25-hectare lot at the SRP identified as Lot 7.
The facility will consist of three multiple-use buildings with 855 units and will accommodate 1,125 retirees.
Cebu City is expected to earn P32 billion from the operation of the retirement facility in the next 25 years together with at least 8,000 employment opportunities.
If approved by the council, project implementation will start during the second quarter of 2015 and will be completed in 2019.