Capitol eyes P140M if it sells 11 Maria Luisa lots

THE provincial government can expect to raise P140 million from the sale of 11 parcels of  province-owned land in Maria Luisa Estate in Cebu City.

Provincial Administrator Mark Tolentino said the province intends to sell the lots totaling 1.12 hectares in a residential area in barangay Banilad.

“Now that the development has been completed and made part of  Maria Luisa, it is to the best advantage of the province to sell this being a residential area,” Tolentino said in a press conference yesterday.

Instead of keeping the property idle and risk  it turning into a “white elephant,” Tolentino said the province has decided to  convert it into income.

In 2007, during the term of governor Gwen Garcia, the province signed a joint venture agreement with MRO Development Corp., the developer of Maria Luisa Estate Park.  The firm is owned by  former governor Emilio Osmeña and his siblings.

In the deal,  60 percent of the salable lots shall be assigned to the developer while 40 percent will be sold by the province.

Tolentino said the agreement has already been executed.

The Capitol’s 40-percent share translates to P144 million, which will be used for priority projects in the countryside, once the province  sells the  land.

Tolentino said the province needs to raise funds to help shoulder expenses for repairs of the Cebu Cultural Center along Gorordo Avenue, the Capitol’s   legislative building, and other provincial properties damaged by the earthquake and Supertyphoon Yolanda in 2013.

Tolentino said the property has not been sold yet, contrary to reports in some newspaper columns.

A public bidding has not yet been conducted.

He said the Capitol is still waiting for the Commission on Audit’s (COA) approval for the province to be able to sell the properties.

This is required under COA Circular No. 92-386.

The Provincial Economic Enterprise Council (EEC) headed by Gov. Hilario Davide III resolved last February to sell the property.