Federal Land offers to buy SRP lot for P115K per square meter

MONTHS after a Gokongwei-led firm expressed interest in developing the eight-hectare Kawit Property into an integrated resorts and casino, another national conglomerate has submitted its unsolicited proposal to develop a luxury residential area in the South Road Properties (SRP).

Cebu City Mayor Tomas Osmeña said in a press briefing on Thursday that Federal Land, the development arm of GT Capital Holdings, which owns and operates Metrobank, AXA Philippines, and Metro Pacific Investments Corp., is interested on developing 2.9 hectares in SRP.

In its proposal, Federal Land is seeking to purchase an SRP property (Lot 1-F-8), which is near the regional office of the Department of Public Works and Highways in Central Visayas (DPWH-7), at a price of P115,000 per square meter.

This means that if the deal will push through, the city government may earn a total income of P3.43 billion.

Federal Land initially offered to purchase the same property at P80,000 per square meter when they first submitted their proposal to Osmeña last March, but the mayor rejected their offer.

Osmeña said he talked with the proponents of the project and convinced them to agree on the new price offer.

This is the third unsolicited proposal being entertained by the city government under Osmeña’s administration.

The other two are the P22-billion Cebu Cordova Link Expressway (CCLEX) of the Cebu Link Joint Venture, and the P18-billion Kawit Property Development from the Gokongwei-led Universal Hotels and Resorts Inc.

Federal Land plans to construct nine residential towers within the property, four of which can reach up to 36 storeys high while the other five at 26 storeys high. Each building will also have multi-level parking spaces. /with CNU Intern Lalaine Jurado