MAYOR EDGARDO C. Labella said there will be no sales of government-owned lots at the South Road Properties (SRP), a prime commercial area in Cebu City, during his term until 2022, but the local government is open to lease and joint development contracts. “Under our admin(istration), we do not intend to sell lots anymore,” Mr. Labella said Friday. The benefit of a joint venture deal, he said, is that the city will get to retain ownership of the property and at the same time get a share of the private developer’s income. In September, Singapore-based The Harbour Group expressed interest to develop a portion of the SRP through a proposal for a public-private partnership. The company plans to build a complex with a casino, shopping center, and a resort. “We have to ask for their proposal and submit it to the Joint Venture Selection Committee (JVSC),” Mr. Labella said. “(T)here are many who are interested… we even also have European companies interested to put up some kind of development in SRP… there is also (local real estate firm) Megawide,” he added. The mayor said they will also consider proposals to lease lots. “There might be some who wants to rent properties… it will be received and studied.” In 2015, under then mayor and currently Vice Mayor Michael L. Rama, the city sold 26.3 hectares of lots at SRP to a consortium of Ayala Land, Inc. Cebu Holdings Inc., and SM Prime Holdings at P10.009 billion. Another 19.2 hectares was sold to Filinvest Land, Inc. — The Freeman

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