FILINVEST: WHERE ARE THE ROADS?

By: Jose Santino S. Bunachita October 14,2015 - 02:26 AM
Filinvest map of their joint venture project in SRP next to SM Seaside City, and roads that need to be built

Filinvest map of their joint venture project in SRP next to SM Seaside City, and roads that need to be built

After  P8-billion sale, investors want City Hall  to  improve SRP

The Cebu city government was asked to complete several roads in the South Road Properties (SRP)  to prevent traffic and flooding  in areas where it has a joint venture project with Filinvest Land Inc.

In a letter to Mayor Michael Rama, FLI director  Joseph M. Yap said he hopes priority attention would be given to finishing  work on commercial roads 1 and 2.

He asked City Hall to finish these projects as part of its obligations under their 2009 Joint Venture Agreement.

The two roads would decongest vehicle  traffic and reduce flooding along SRP’s main coastal road, he said.

Yap said  commercial road 1 is part of the city’s commitment last May 2014 when FLI remitted an additional amount to complete the guarantee payment to the city, but until now,  the road has yet to be funded by the city and awarded to a contractor.

“In addition, Cebu City recently received the full downpayment, amounting to P8 billion more or less, from the very successful sale of SRP Lots 1 and 8.

“Together with the other investors in SRP, we would like to request the City to allocate a portion of the proceeds to fund improvement projects in SRP to further enhance its values and make it more attractive for businesses and investments to locate there,” Yap said.

The SM-Ayala consortium and FLI, which won the public bidding for two lots, are expected to make their first installment payments by August 2016.

Yap asked the Cebu City government to finish commercial roads 1 and 2 before that payment is made.

In  a letter to the mayor, FLI  asked City Hall to finish these projects to fulfill its obligations under their 2009 Joint Venture Agreement (JVA).

They include:

-Concreting and completion of Industrial Road 1 or the SRP Pardo Access to its final design width of 40 meters;

-Construction of city’s drainage and sewer line along Industrial Road 1;

-Concreting of commercial road 1, which connects SRP Pardo Access and SRP Mambaling Access;

-Concreting of commercial road 2.  This is the road between the city and FLI’s joint venture properties and SRP lot 1, the lot recently won in a public bidding by FLI this year.

Yap said the completion of the SRP Pardo Access and the drainage construction along the road are part of the city’s undertaking to Filinvest based on the JVA signed by Cebu City and FLI in March 9, 2009.

The JVA was signed during the term of then-mayor Tomas R. Osmeña with Rama as vice mayor.

Based on the JVA, Cebu City committed to complete the two roads before FLI starts to develop the joint venture projects.

At present,  SRP Pardo Road remains incomplete, only 15 meters wide and construction of the the drainage line has yet to begin, said Yap.

“Filinvest has already completed the development of the first phase of the joint venture properties. It has also remitted to the city the full Guarantee Payment corresponding to the first phase of the joint venture and is fully complied with its obligations under the joint venture agreement,” Yap said.

FLI is also asking City Hall to help prioritize construction of commercial roads 1 and 2 within the SRP since these would decongest vehicle  traffic and reduce flooding along SRP’s main coastal road.

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TAGS: Ayala, Cebu, Cebu City, Filinvest, joint venture, roads, SM, SRP

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