CEBU CITY – The Cebu Investment and Promotions Center (CIPC), the marketing arm of the City-owned South Road Properties (SRP), is hoping to gain the approval of Cebu City Mayor Michael Rama to bid out 10 smaller lots within the 300-hectare property to viable investors.

CIPC Managing Director Joel Mari Yu bared this proposal made by local investors after some of them expressed interest in purchasing at least 2,000 square meters of land at the SRP.

“Before Mayor Tomas Osmeña ended his term, I already informed him of the sentiments of some businessmen who wanted to buy smaller lots in SRP. I suggested to him to have a ‘test area’ where we cut a small area of about 10 lots with cuts of 2,000 to 3,000 sq m and bid these out to investors,” said Yu in an interview recently.

Yu estimated that the city government would generate an additional P1 billion in revenues once these 10 lots are successfully bidded out since the retail floor price has doubled its value and is now worth about P30,000 per sq m.