MORE than half of the Cebu City Council supported the sale of the templete lot in the South Road Properties (SRP).
In a draft resolution, 11 councilors signed in favor of allowing Cebu City Mayor Michael Rama to sell three lots in the SRP totaling 45 hectares.
“This sets everything in motion. With the council’s authority, the mayor can now negotiate and sell the lots,” City Legal Officer Jerone Castillo said.
Those who signed were Councilors Gerardo Carillo, Dave Tumulak, Noel Wenceslao, James Anthony Cuenco, Hanz Abella, Mary Ann delos Santos, Nestor Archival Sr., Jun Gabuya, Roberto Cabarrubias, Richard Osmeña and Philip Zafra.
In their resolution, the councilors said the sale of properties will ensure funding for programs and government services of the city, including the rehabilitation of the Cebu City Medical Center (CCMC).
The lots allowed to be sold are Lot No. 8 which is 26 hectares and Lot Nos. 7 and 17 which covers 19.2 hectares.
Under the resolution, the sale should be done through public bidding with several terms and conditions.
The proposed selling price should be at least P20,000 per square meter.
A 50 percent down payment should be given by the winning bidder upon awarding of the contract while the remaining balance will be settled within three years.
It also specified that only 65 percent of the whole property, a waterfront area, will be buildable and the remaining 35 percent should be dedicated to open spaces including parks, playgrounds and roadways.
Bidders should be Philippine firms with total assets of at least P25 billion and are required to present their conceptual design together with their bid.