UP FOR SALE

3 HECTARES OF SRP LAND

The Cebu City Government has started publishing the invitation to bid for the sale of three hectares of land at the South Road Properties (SRP).

Lots 1-F-8-A and 1-H-1 will be sold at P110,000 per square meter, or a total of P3.3 billion.

Last year, the City Council authorized Mayor Tomas Os- meña to dispose of the property through a public bidding.

In an earlier interview, Osmeña said P110,000 per square meter is just the starting price. It might go up depending on the offers of investors.

Assistant City Administrator Veronica Morelos said they are positive more investors will submit their bids as it is a prime property.

The invitation to bid was first published in a national daily last Dec. 20. Succeeding publications will be on Dec. 26 and Jan. 4.

Federal Land’s offer

Federal Land Inc. earlier expressed interest to purchase the lot and submitted an unsolicited proposal to develop it into a residential and commercial hub.

Federal Land president Pascual Garcia, in a letter to Osism meña, is offering to buy the 29,881-square-meter Lot 1-F-8 at P115,000 per square meter for a total purchase price of P3.4 billion.

However, Francisco “Bimbo” Fernandez, the mayor’s executive assistant, said the City was forced to conduct a public bidding since the Commission on Audit (COA) did not release an appraisal rate for the property.

Fernandez said they already asked COA to appraise the property, which was the first step to dispose of the property through an unsolicited proposal, but they didn’t get any response.

Morelos said Federal Land will be considered as a bidder but the developer needs to update and submit again its documents for the public bidding.

Under the invitation to bid, sale of bid documents and site inspection will start on Dec. 28 and go on until Jan. 22.

The pre-bid conference will be on Jan. 16, while the opening of bids will be on Jan. 23.