Councilor Nendell Hanz Abella Files Proposed Ordinance for Sale of 3 Hectares of SRP Lots

A Cebu City legislator has filed a proposed ordinance seeking the sale of a three-hectare lot in the South Road Properties (SRP).

Cebu City Councilor Nendell Hanz Abella, in his proposed ordinance, set the floor price for the SRP lot at PHP110,000 per square meter.

This is thrice the floor prices of the previous SRP lot sale of PHP35,128 per square meter to Filinvest Land Inc. and PHP38,000 per square meter to a consortium of SM Holdings Inc. and Ayala Land Inc.

Filinvest bought 19.2 hectares while the consortium purchased 26 hectares of the reclamation property for a total of PHP18 billion some two years ago.

Abella’s proposed ordinance, if approved by the Cebu City Council, will authorize the mayor to sell another three hectares of the SRP in the new floor price, which could be the most expensive floor price for the reclamation property.

The proposal seeks to supplement City Ordinance No. 2332, passed in 2012, which prohibits the sale of SRP lots without approval from the Cebu City Council.

Abella said Cebu City Mayor Tomas Osmeña has asked the council for an authority to sell a certain area in the SRP for not less than PHP110,000 per square meter or at least PHP3.3. billion for the three hectares.

”I have supported the sale before. I will support it now as long as it is advantageous to the city,” Abella said. (PNA)LAP/EB/EBP