CAP ‘wants’ to buy a lot at SRP

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Wednesday, January 22, 2014

THE College Assurance Plan (CAP) wants to buy a lot in the South Road Properties (SRP).

Cebu City Mayor Michael Rama said the company has expressed interest without making a formal letter of intent just yet.

But he said CAP wants to schedule an inspection at the SRP.


The company has no specific area in mind, but Rama said the area where the templete of St. Pedro Calungsod is not available.

He said SM Prime Holdings Inc. and Robinsons Land are eyeing the lot, which is identified as lot 8-B, with a total land area of 263,384 square meters.

Rama also showed reporters a copy of the redevelopment plan of CAP in its current location on Osmeña Blvd.

Preserving history

The proposal was prepared by RR Payumo and Partners Architects.

Rama said he knew about the redevelopment plan beforehand and he wanted to make sure the ancestral house of Don Sergio Osmeña, the country’s second president, is preserved.

CAP is a defunct pre-need company but the building still stands. The building houses function rooms and is home to some of Osmeña’s memorabilia, including a black Cadillac.

The ancestral house and museum were integrated in the plan.

“They know that I promote heritage so they made sure to integrate the ancestral house in the plan,” Rama said.

The statue of the late president will not be torn down as well, but the proposal is to replace the building with a high-rise structure.

Meanwhile, Rama also said he wants all letters of intent for the SRP collated so he can sit down with members of the local finance committee to discuss each proposal.

Interested parties

So far, Rama has received intents from SM and Robinsons for the same property, but there was no formal proposal yet on the development.

A consortium of I-Land Co. Ltd. and Aquila Primary Corp. also wants to lease a part of SRP for a facility for Japanese retirees.

The executive, through former councilor now Attorney V Jose Daluz III, made a pronouncement last year that the SRP could fetch Cebu City Government over P5 billion this year.

This is why the amount was included in the proposed budget for this year but was not approved by the City Council.

The council said if the revenue is realized, then it can be included in the supplemental budget.

Published in the Sun.Star Cebu newspaper on January 22, 2014.

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