Cebu City: The Cebu City government is set to bid out two lots amounting to 45 hectares of land within its 300-hectare reclaimed South Road Properties (SRP)—home of SM’s 30-hectare Seaside mall—to contribute to the local government’s funds next year.
Cebu City Mayor Michael Rama said the local government “keen” on bidding out two parcels of land in SRP — one 16 hectares and 26 hectares near the SM mall development.
Rama said the two lots already have four interested bidders to date, all of which he refused to name.
One interested bidder— Filinvest Land Inc. (FLI)—will be participating the auction to complement its 50-hectare City Di Mare township which is also located within SRP, its president and chief executive officer Josephine Gotianun-Yap told reporters in a briefing on Tuesday.
“We will always look at it because SRP is 300 hectares [near City Di Mare development,” Gotianun-Yap said.
Rama said 240 hectares reclaimed land of the 300-hectare SRP will be bidded out, as the remaining 60 hectares is still left to be reclaimed.
He also said the two lots will be priced at a base of P21,000 per square meter. It is expected to be awarded in the first quarter of 2015.
To date, the 80 hectares of the 300 hectare SRP was already bidded out—30 hectares for SM Seaside mall and 50 hectares for FLI township development City Di Mare.
Rama said that there will be a masterplan for the SRP development, which will be jointly formed by the local government of Cebu and the inputs of private companies interested to bid for the lots of the 300-hectare land.