The Cebu City Council is now asking the city government and Filinvest Land Inc. (FLI) to give them status on their intention to rescind the purchase of the 19.2 hectare property at the South Road Properties (SRP).
This developed came after the council approved a resolution on June 5, Tuesday, authored by Councilor Raymond Alvin Garcia.
Garcia, on his resolution, stated that if the mutually-agreed rescission of FLI’s consortium will be valid and official, it will allow the city government not only to reacquire 19.2 hectares of land in SRP but also selling it to interested buyers, considering that Federal Land, which owns and operates Metrobank recently submitted a proposal on developing 2.9 hectares of SRP at a price of P110,000 per square meter.
“After the Filinvest consortium declared its intent to rescind the purchase of the SRP property last year, 2017, no further news of such intent was heard from the group again,” he added.