Capitol to develop, sell 8 properties to maximize assets

SIX province-owned properties are due for further development while two will be disposed of in order to maximize the assets of the Cebu provincial government, representatives of the Economic Enterprise Council (EEC) said yesterday.

Benjamin Joseph Yap, head of the provincial investments promotion center and a member of the council’s technical support group, said the properties were identified based on specific  criteria.

Yap, during the Kapistorya news forum at the Capitol, said that each property was evaluated based on  location, usage and whether it is available  to be developed further by Capitol.

Eleven lots in the Maria Luisa Subdivision in Busay with a total area of one hectare and  63 square meters were identified for disposal.

One  lot  in Busay is too small to be developed commercially.

“The best solution is to dispose of these properties to private entities so the income derived from the sale  may be used for other beneficial projects,” said Yap.

The EEC has also recommended  for further development  the Cebu South Bus Terminal and the lot that formerly housed the Provincial Treasurer’s residence near Fuente Osmeña  beside the Larsian barbecue stalls.

The BAEX building inside the Capitol compound will also be demolished to give way to a new disaster risk reduction and management office command center. A lot in sitio Sudlon, Lahug and another one near the Cebu Business Park will also be developed.