The Cebu City government is focusing on selling and leasing the South Road Properties (SRP) this year to three big firms in the real estate industry.
Joel Mari S. Yu, Cebu Investment Promotion Center (CIPC) managing director, said he is optimistic that city government and the three firms will come to terms before the end of the year.
Yu refused to name the companies.
“These companies are all publicly listed so they have to make sure that they will not have any problem with the Securities and Exchange Commission. We have to abide by it, otherwise we’ll lose them,” Yu said.
The Cebu City government is tapping the CIPC to market the SRP.
Yu said the Cebu City government made sure that these three firms will not go into similar ventures in developing the SRP and avoid competition.
One of the three companies will build a 17-hectare mall. The second firm will develop an information technology complex in the country while the last one will set up a retirement facility, condominiums and an entertainment center.
Read the rest of the story from Inquirer.net’s Property Guide