This is an artist’s rendition of the P18 billion Cebu Integrated Resort when it will be completed at a 80,000 square meter lot on Kawit Island at the South Road Properties. The proposal to develop the area is to be decided by the City Council on Tuesday.
TOMAS OSMENA’S FB PAGE
AN P18-billion development will soon rise on the South Road Properties (SRP) in Cebu City.
In a Facebook post last night, Cebu City Mayor Tomas Osmeña said the unsolicited proposal of the John Gokongwei-led JG Summit Holdings Inc. is set to be tackled by the City Council this week.
“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 last hurdle is the opposition in the City Council,” he said in his post.
JG Summit, through its subsidiary Universal Hotels and Resorts Inc. (UHRI), wants to lease the eight-hectare Kawit property in the SRP for 50 years.
The P18 billion development will be a “world-class” integrated development that includes restaurants, bars, a mall, convention center, casino, park, theater, and at least three hotels.
After the 50-year lease, the entire property will be owned by the Cebu City Government. At the same time, the city government will also be getting 10 percent of the gross income of the businesses that will be established in the area throughout the lease period.
Osmeña said the development will be called Isla dela Victoria, named after Jojo dela Victoria, a Cebuano who died protecting Cebu waters from dynamite-using fishermen.
He added that the Isla dela Victoria will become the “shining beacon of the Visayas.” /with Reporter Jose Santino S. Bunachita
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