(Photo via mayor Tomas Osmena Facebook page)
Isla dela Victoria, a world-class integrated resort with an estimated worth of P18 billion, will soon rise in Cebu South Road Properties (SRP).
This was confirmed by Cebu City Mayor Tomas Osmeña in his Facebook page on Sunday evening.
The mayor stated that Cebuano billionaire John Gokongwei has agreed to
invest in the said project.
The upcoming property development covering 80,000 square meters will include a shopping mall, convention center, casino, park, theater, restaurants, bars, and at least three hotels.
In his Facebook post, Osmeña said that the investor will lease a portion of the SRP for 50 years.
10% of the profits earned by the integrated resort development will be given to Cebu City Government, which will own Isla dela Victoria upon the expiration of the lease agreement.
“This is not a pipe dream. Everything is already set to begin. As soon as the contract is signed, construction will begin in a month.” the mayor stated.