Gokongwei agrees to pay 10% royalty to Cebu for SRP property
The bilyonaryo will be sharing profits with the local government for the next 50 years.
Businessman John Gokongwei has decided to invest P18 billion to develop the South Road Properties (SRP) in Cebu City into a Robinsons township.
Gokongwei signed an agreement with Mayor Tomas Osmeña, where they expect restaurants, a mall, convention center, hotels, and casinos to rise.
“In exchange for a 50 year lease of the land, the City will own 10% of all profits made for the entire duration. After this, when the lease expires, the Cebuanos will own not just 10%, but EVERYTHING on the property,” Osmeña disclosed.
What a winner deal!