Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT

63 – HECTARE PRIVATE LAND

SRP PARDO CEBU CITY, PHILIPPINES

FEASIBILITY
STUDY

260 BILLION PESOS CONSTRUCTION PROJECT

63 HECTARE PRIVATE LAND
SRP PARDO CEBU CITY

63 HECTARE PRIVATE LAND

SRP PARDO CEBU CITY,
PHILIPPINES

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Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT
63 – HECTARE PRIVATE LAND
SRP PARDO CEBU CITY, PHILIPPINES

MARCH 2021

KEY HIGHLIGHTS
1. Background of the Study
2. Market Highlights
3. a. Population Growth
b. Primary Economy
c. Recent Developments
4. a. Condominium/ Housing/ Arcade
b. Cebu Property Prices
5. a. Emerging Market Trends
6. Technical Aspect
7. a. The Property
b. Location Map
c. Building Facilities and Features
8. Implementation Schedule 1
9. Financial Aspect
10. Highlights of Financials

FINANCIAL PROJECTIONS
Table 1. Projected Income Statement
Table 2. Projected Cash Flow / Position
Table 3. Projected Income Statement (Year 1 to 4)
Table 4. Projected Cash Flow / Position (Year 1 to 4)
Table 5. Building Improvement Cost Details / Schedules
Table 6. List of 20 tallest buildings of Cebu City
Table 7. Prices of lot areas near the proposed construction site
Table 8. Prices of lot areas near the proposed construction site

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Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT
63 – HECTARE PRIVATE LAND
SRP PARDO CEBU CITY, PHILIPPINES

KEY HIGHLIGHTS
Property Name: 260 BILLION PESOS CONSTRUCTION PROJECT 63 – HECTARE PRIVATE
SRP PARDO CEBU CITY
Description: The Construct project has four sub-projects, namely: a. Land Development, b.
Administration Building, c. Condominium, e. Housing, f. Arcade, g. Mambaling Road with two
lanes bridge, h. Hotel, and i. Shopping Center.

The total 260 Billion pesos worth of project is divided into the following:
Land Acquisition 63 Hectares Private land ₱ 149,400,000,000.00
Land Development 630,000 square meters ₱ 3,780,000,000.00
Administration Building 1,900 square meters ₱ 133,000,000.00
Chapel 1,800 square meters ₱126,000,000.00
Condominium & Shopping 16,623 square meters at 50 floors ₱30,586,320,000.00
Centre (8,000 units estimated)
Luxury Housing 600 square meters at 800 units ₱ 67,200,000,000.00
Arcade & Wellness Centre 3,600 square meters ₱126,000,000.00
Mambaling Road with two 700 meters ₱ 1,470,000,000.00
lane bridge
Hotel & Casino 115,000 square meters at 20 floors ₱ 30,000,000,000.00
Construction Heavy 1,340 Units (Trucks, Excavator, ₱ 4,700,000,000.00
Equipment Grader, etc.)
TOTAL ₱287,521,320,000.00

1.1 BACKGROUND OF THE STUDY:

In year 2020, the Administration Building, Chapel, Condominium,

Housing, City Arcade and Mambaling Road with two lanes Bridge will
be built by China Civil Engineering Construction Corporation. The 63 hectares land will
be bought from the original Owner Vicente L. Restificar with the amount of Ninety-four
Billion Pesos (P149,400,000,000.00), The entire project was initially geared as a
residential condominium, housing and arcade to provide
accommodation for the growing number of markets. Being in a highly
commercial and easily accessible location, the property has been eyed
by numerous businessmen and entrepreneurs. There will be different
lease contracts for the condominium, housing and arcade. It is estimated that shall be
leased out after the full construction on the 2nd year at an amount of Php 25,000 per
month - this would pose as additional revenue for the Building. In order to ensure a long-
term healthy business relationship with the current lessee, the Owner Management have
initiated a move to further enhance the building's features, upgrade utility systems, and
improve the overall appearance of all the Buildings. Based on initial assessment by
contractors, the proceedings would require a capitalization of Fifty Million Pesos
(Php 50 Million). Thus, to make possible all these building-improvement

2. MARKET HIGHLIGHTS:
2 a. Population Growth

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Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT
63 – HECTARE PRIVATE LAND
SRP PARDO CEBU CITY, PHILIPPINES

According to the 2015 Census, the age group with the highest population in Pardo is 5 to 9, with
1,409 individuals. Conversely, the age group with the lowest population is 80 and over, with 88
individuals.
The population of Pardo grew from 12,406 in 1990 to 12,596 in 2015, an increase of 190 people.
The latest census figures in 2015 denote a positive growth rate of 0.76%, or an increase of 493
people, from the previous population of 12.103 in 2010. Pardo is situated at approximately 10.2891,
123.8511, in the island of Cebu.
Pardo shares a common border with the following barangay(s):
• Kinasang-an Pardo, Cebu City
• Inayawan, Cebu City
• Cogon Pardo, Cebu City
• To-ong Pardo, Cebu City
• Bulacao, Cebu City
Tourism is a thriving industry in Cebu. It hosted the 1998 ASEAN Tourism Forum. The city also
hosted the East Asian Tourism Forum on August 2002, in which the province of Cebu is a member
and signatory.
Views of Cebu City and its skyline can be seen from villages and numerous gated
communities located on its mountainsides.

Transportation
Mactan-Cebu International Airport
Artist impression of Osmeña Boulevard upon construction of a proposed bus rapid transit in Cebu
City
Mactan-Cebu International Airport, located in Lapu-Lapu City, is the country's second-busiest
airport and serves direct international flights to Hong Kong, Malaysia, Singapore, Japan, China,
Taiwan, Dubai and South Korea, with charter flights to Russia and domestic destinations. Many
international and cargo airlines fly to Cebu. There are also direct transfer flights via the capital's
Ninoy Aquino International Airport that readily connect the city to other destinations in the world.
The city is served by a domestic and international port which are handled by the Cebu Port
Authority. Much of the city's waterfront is actually occupied by the port with around 3.5 kilometers.

(2.2 mi) of berthing space. The city is home to more than 80% of the country's island vessels
traveling on domestic routes mostly in the Visayas and Mindanao.
Transportation throughout the city and the metropolitan itself is provided by jeepneys, buses and
taxis. The Cebu City Government conducted a 2012 feasibility study on implementing bus rapid
transit (BRT) system that will ease the transportation of the residents in the city and throughout the
entire Metro Cebu area. Aimed to serve an estimated 330,000 passengers per day, the project would have a
capacity of 176 buses running through 33 stations along Bulacao until Talamban with a link to South Road
Properties. The project is currently branded as TransCebu and is expected to be fully
operational by 2017.As of March 2017 it is already two years late, and the price has rocketed to
P9.04 billion (US$180 million).
In March 2019, the Land Transportation Franchising and Regulatory Board announced the opening of a new
Premium Point-to-Point Bus Service in Cebu City with three express bus routes to Lapu-Lapu, Danao and
Sibonga.

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SRP PARDO CEBU CITY, PHILIPPINES

The Department of Tourism (DOT) named Cebu as the second most preferred destination in the
country by foreign visitors.
State-ran media, Philippine News Agency (PNA), quoted Tourism Secretary Bernadette Romulo -
Puyat saying that Cebu attracted 1.4 million foreign tourists in 2019.
Cebu, home to the country's second busiest airport, the Mactan Cebu International Airport (MCIA), is only
200,000 foreign visitors shy from Boracay Island. MCIA recorded a total of 3.9 million foreign
arrivals for the first 11 months of 2019.

3 b. Primary Economy
The primary economy of Cebu City is tourism. The secondary source of
income for the residents is its character as the commercial hub in the Visayan
Region. Cebu City is a tourist hub. It is considered as the center of business in the
entire Visayan Region. The prices of real estate rentals have been driven up
pretty high.
3 c. Market trends
Cebu South Coastal Road
The whole reclamation area is served by a two-way, six lane divided road called
the Cebu South Coastal Road which is a national road. The CSCR Developments.

Cebu South Coastal Road The whole reclamation area is served by a two-way,
six lanes divided road called the Cebu South Coastal Road which is a national
road. The CSCR also serves as a diversion road from Talisay City to Downtown.

Cebu City. As traffic is not seen in the whole boulevard of CSCR,

Cebuanos often informally call it as the Cebu South Expressway, which
is not an expressway (citation needed] A large part of the boulevard has
the Cebu Strait on its eastern side and a large array of developments on
the western side. The reclamation area is connected to the downtown
Cebu City through the Cebu City Coastal Bridge along the Cebu South
Coastal Road.
Cebu-Cordova Link Expressway Main article: Cebu-Cordova Link Expressway.
The under construction CCLEX connects the Municipality of Cordova and Cebu
City through the Cebu South Coastal Road. This would be the third bridge
linking Mainland Cebu and Mactan Island. Upon
completion, it would be the first expressway outside Luzon and the
longest bridge in the Philippines being 4 times longer than the San Juanico
Bridge.

City di Mare
City di Mare (roughly translates into "city by the sea" in Italian) is another
mixed-used development in SRP, owned and developed by Filinvest. The whole
area takes up a total of 48 hectares, making it the biggest development in SRP.

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SRP PARDO CEBU CITY, PHILIPPINES

The whole development consists of mid-to-high-rise residential areas and a mall

named Il Corso (means "The Course" in Italian)

Isla dela Victoria

Isla de la Victoria (Spanish for Victory's Island) is a planned 8-hectare
(20-acre) resort and casino facility that as of 2020 is under construction
on the site of the former Kawit Island, now Kawit Point. The project,
which is expected to include restaurants, bars, a mall, convention center, casino,
park, theater, and at least three hotels, is a joint venture of the
Cebu City Government and Universal Hotels and Resorts Inc., a subsidiary of JG
Summit Holdings. The project is slated for completion in 2021.

SM Seaside City Cebu

SRP's most popular development is the SM Seaside City Cebu complex.
The whole development takes up a total of 30 hectares, about 10% of the SRP.
The complex features the SM Seaside Mall, an observation tower, a convention
center, an arena, a marine theme park, a school, a hospital, office buildings, and
condominiums. The whole development costs PHP 30 billion.

South Road Properties Subway

The first subway in the Philippines, South Road Properties Subway was
constructed on 2001 and finished on 2011 for about 10 years. It is a two
way, four lane divided road that connects Cebu South Coastal Road to the North
Reclamation Area near the Basilica Minore del Santo Niñ o church. It is a joint
construction of Cebu City and Japan in particular, Tokyo. A second proposed
tunnel will be made still in Cebu City, particular in Natalio Bacalso Avenue
National Road, called the Natalio Bacalso Subway Cebu City. As traffic is not
seen in the whole boulevard of CSCR, Cebuanos often informally call it as the
Cebu South Expressway, which is not an expressway [citation needed] A large
part of the boulevard has the Cebu Strait on its eastern side and a large array of
developments on the western side. The reclamation area is connected to the
downtown Cebu City through the Cebu City Coastal Bridge along the Cebu
South Coastal Road.

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Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT
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SRP PARDO CEBU CITY, PHILIPPINES

Cebu-Cordova Link Expressway

The under construction CCLEX connects the Municipality of Cordova and Cebu
City through the Cebu South Coastal Road. This would be the third bridge
linking Mainland Cebu and Mactan Island. Upon completion, it would be the first
expressway outside Luzon and the longest bridge in the Philippines being 4 times
longer than the San Juanico Bridge.
City di Mare
City di Mare (roughly translates into "city by the sea in Italian) is another mixed-
used development in SRP.

6. TECHNICAL ASPECT
6 a. THE LAND AREA
The Construction Project is in a sixty-three-hectare lot area which lies in
the Cebu South Road Properties (SRP) - a 300-hectare island-type
reclamation area located on the southern area of Cebu City, near
Barangays Mambaling, Inayawan, and Pasil. It spans from the shore of
mainland Cebu to Kawit Island (now Kawit Point). It is connected from
mainland Cebu by the Cebu South Coastal Road and the Mambaling
Access Road.

6 b. THE BUILDINGS
1. The Condominium
The Condominium has a floor area of 16,623 square meters at twenty-
three (23) floors. The housing is 600 square meters floor area at eight
hundred (800) units. The arcade's floor area is three thousand square meters.

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Feasibility Study: 260 BILLION PESOS CONSTRUCTION PROJECT
63 – HECTARE PRIVATE LAND
SRP PARDO CEBU CITY, PHILIPPINES

CONDOMINIUM BUILDING FACILITIES AND FEATURES FLOOR EXISTINGFEATURES

DESCRIPTION

Basement Ground Floor Second Floor Third Floor Eight (8) Parking Slots Generator Area
(Ground Floor) Guard House Administration Office (a) Main Residence/Reception Area,
Kitchen Dirty Kitchen Laundry Area Common Toilet and Bath (b) Three (3) Typical Apartment Units,
each unit with the following: Living Area Dining Area Two (2) Room/Quarters Toilet and Bath Laundry
Area (a) Main Residence/Reception Area, Kitchen Dirty Kitchen Laundry Area Common Toilet and Bath
(b) Three (3) Typical Apartment Units, each unit with the following: Living Area Dining Area Two (2)
Room/Quarters Toilet and Bath Laundry Area (a) Main Residence Master s Bedroom Balcony Toilet and
Bath (b) Dormitory-Type facility Lobby/Receiving Area Lobby with Toilet/Washroom 5
bedrooms/quarters Common Kitchen Common Toilet and Bath Laundry Area Plain cement flooring,
CHB walls, columns, beams, and ceilings are painted cement finish. Administration office and Guard
House in selected 12 x 12 ceramic floor finish, walls and ceiling painted cement finish. Analok sliding
main door, panel type service door, Kitchen Counter and Preparation Table of granite slab finish.
Overhead cabinets and under the counter cabinets. Toilet and bath in selected ceramic floor and wall tiles
with shower and water heater. Laundry area and dirty kitchen in selected 16 x16 ceramic floor tiles and
assorted pebble wash-out floor finish with tubular steel trellis and polycarbonate finish. Each unit has a
total floor area of 65 sq.m. Rooms in selected floor finish, painted stucco cement finish, with Panel-type
main door. Same specifications as above. Selected 16 x16 ceramic floor finish with 4 baseboards, painted
plain plaster cement wall finish. Toilet and Bath for Main Residence has Jacuzzi with bubble bath and
shower with sliding enclosure. Dormitory has built-in closets, TV counter with cabinets, kitchen
overhead, with computer tables.

2. HOUSING
Each housing unit has 600 square meters floor area. The projected number of units are 800.

3. ARCADE
The arcade has a total floor area of three thousand six hundred square meters.

4. CHAPEL
The chapel has a floor area of 1,800 square meters.

9. IMPLEMENTATION SCHEDULE
The whole project would require an estimated timeframe of six (6) weeks to finish based on
overlapping schedules. However, the activities and/or acquiring the above-listed equipment can
only commence upon availability of funds and/or release of a Loan from a banking institution or a
credit facility.

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SRP PARDO CEBU CITY, PHILIPPINES

Projected Timetable of Activities is presented below:

1. Land Acquisition April 2021

2. Negotiation with the General Contractor May 2021
3. Finalization of Construction Agreement with the General Contractor May 2021
4. Mobilization of the General Contractor to the site June 2021
5. Start of construction June 2021
6. Completion of the construction Approximately 6 Years

10. FINANCIAL ASPECT

Highlights of Financials
Project: Land Development, Administration Building, Chapel, Condominium, Housing, City Arcade and
Mambaling Road with two lanes Bridge.
Start of Construction: 2021
Total Project Cost: Php 244 Billion Pesos
Initial Project Cost:
a. Cost of Titling: P 35,000,000.00
b. Architectural and Engineering Design: P 250,000,000.00
c. Permits and Licenses (LGU and DENR): P 225,000,000.00
d. Administrative Expenses: P 320,000,000.00
e. Mobilization: P 850,000.000.00

Location Map/ Site Development Plan:

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63 – HECTARE PRIVATE LAND
SRP PARDO CEBU CITY, PHILIPPINES

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SRP PARDO CEBU CITY, PHILIPPINES

Table 1. Projected Income Statement

a. For the Condominium

YEAR
2027 2028 2029 2030
Sales Revenue ₱ 73,647,445,715 ₱ 73,647,445,715 ₱ 73,647,445,715 ₱ 73,647,445,715
Operating Expenses ₱ 5,000,000 ₱ 5,000,000 ₱ 5,000,000 ₱ 5,000,000
Monthly Rental ₱ 20,000,000 ₱ 20,000,000 ₱ 20,000,000 ₱ 20,000,000
Income
Web Hosting ₱ 300,000 ₱ 300,000 ₱ 300,000 ₱ 300,000
Advertising ₱ 1,500,000 ₱ 1,500,000 ₱ 1,500,000 ₱ 1,500,000
Total Operating ₱ 6,800,000 ₱ 6,800,000 ₱ 6,800,000 ₱ 6,800,000
Expenses
Operating Income ₱ 13,200,000 ₱ 13,200,000 ₱ 13,200,000 ₱ 13,200,000
Net Income ₱ 73,660,645,715 ₱ 73,660,645,715 ₱ 73,660,645,715 ₱ 73,660,645,715

b. For the Housing

YEAR
2027 2028 2029 2030
Sales Revenue P
Cost of Sales
Operating Expenses
Rent
Web Hosting
Advertising
Total Operating
Expenses
Operating Income
Net Income

c. For the Arcade

YEAR
2027 2028 2029 2030
Sales Revenue P
Cost of Sales
Operating Expenses
Rent
Web Hosting
Advertising
Total Operating
Expenses
Operating Income

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Net Income

Total Operating
Expenses
Operating Income
Net Income

Table 2. Projected Cash Flow / Position

YEAR
2027 2028 2029 2030
OPENING BALANCE
CASH RECEIVED
FROM
CONDOMINIUM
RENTALS
ARCADE RENTALS
HOTEL & CASINO

CASH PAID FOR

CONSTRUCTION
RELATED COST
SUPPLIES
RENT
INCOME TAX
NET CASH
FLOW
OPERATIONS

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SRP PARDO CEBU CITY, PHILIPPINES

Table 3. Projected Income Statement (Year 1 to 4)

YEAR
2027 2028 2029 2030
NET SALES
COST OF SALES
GROSS MARGIN

OPERATING
EXPENSES
CONSTRUCTION
RELATED
EXPENSES
SELLING GENERAL
ADMINISTRATIVE
TOTAL OPERATING
EXPENSES

OPERATING
INCOME
OTHER INCOME
(EXPENSE), NET
INCOME BEFORE
PROVISION FOR
INCOME TAXES
NET INCOME

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Table 4. Projected Cash Flow / Position (Year 1 to 4)

YEAR
2027 2028 2029 2030
OPERATING
CASH
BEGINNING
SOURCES OF
CASH:
RECEIVABLE
COLLECTION
FROM RENTALS
FROM CONDO,
HOUSING,
HOTEL & CASINO
AND ARCADE
RENTING
PARTIE’S
DEPOSITS
LOANS FROM
BANKS
TOTAL SOURCES
OF FUNDS
INCLUDING
BEGINNING

USES OF CASH
PAYROLL
ACCOUNTS
PAYABLE
OTHER
OVERHEAD
COSTS
OWNERS
COMPENSATION
LINE OF CREDIT
PAYMENTS
LONG TERM
PRINCIPAL
PAYMENTS
PURCHASE OF
FIXED ASSETS
ESTIMATED
INCOME TAXES
(CURRENT YEAR)
TOTAL USES OF
CASH
EXCESS
(DEFICIT) OF
CASH

ASSUMPTION:
1. 75% OF SALES WILL BE COLLECTED THE MONTH AFTER THE SALE.
2. 25% OF SALES WILL BE COLLECTED THE 2ND MONTH AFTER THE SALE.
3. PAYABLES ARE DUE IN TWENTY-FIVE (25) DAYS.
4. 60% OF ELIGIBLE RECEIVABLES CAN BE USED FOR THE RECEIVING OF
CREDIT.

Table 5. Fixed Assets and Depreciation Schedules (Year 1 to 4)

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CAPITAL ASSET DEPRECIATION LIFE

INITIAL COST DATE PURCHASED
CLASSIFICATION (IN YEARS)
LAND
EQUIPMENT
I.T. EQUIPMENT
TRANSPORTATION
BUILDING
(CONDO UNITS,
HOUSING UNITS,
ARCADE UNITS,
CHAPEL,
ADMINISTRATION
AND HOTEL &
CASINO
TOTAL
DEPRECIATION
COST

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Table 6. List of 20 tallest buildings in Cebu City

NO Building City Floor Height Year

1. Horizon 101 Tower 1 Cebu City 55 178 m 2017
2. Crown Regency Hotel & Towers Cebu City 38 157 m 2007
3. Ultima Residences Cebu City 28 130 m 2011
4. Ultima Residences Ramos Tower Cebu City 33 120 m 2012
5. Calyx Centre Cebu City 28 100 m 2012
6. Calyx Residences Cebu City 25 97 m 2015
7. Lexmark Plaza 1 Cebu City 23 96 m 2009
8. One Pavillion Place 2 Cebu City 25 91 m 2014
9. One Pavillion Place 1 Cebu City 25 91 m 2014
10. Mandarin Plaza Hotel Cebu City 25 91 m 2013
11. Tow Residences at Marco Polo Cebu City 26 90 m 2015
12. Winland Towers B Cebu City 25 88 m -
13. Winland Towers A Cebu City 25 88 m -
14. Padgett Place Cebu City 26 87 m 2014
15. Quest Hotel - Grand Cenia Residences Cebu City 25 86 m 2012
16. Avida Towers – Towers B Cebu City 25 85 m 2014

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Table 7. Prices of lot areas near the proposed construction site

Description/Location Lot area Price

Overlooking lot for sale in pacific heights vista Grande Pacific
150 m2 ₱ 1,650,000.00
heights Vista Grande Pardo, Cebu City
491 sq.m. and overlooking lot in Alta Vista Golf and Country
Club, Cebu City 491 m2 ₱ 8,838,000.00
Pardo, Cebu
Pardo, Cebu City 672 m2 ₱ 5,200,000.00
Alta Vista Residential Estates Golf and Country Club
520 m2 ₱ 10,400,000.00
Philippines, Cebu City, Pardo Pob, Pardo, Cebu

Table 8. Prices of condominium units near the proposed construction site

Description Floor Area Location Price

Horizon 101 Tower 2, 2-
Bedroom Unit (46.5 sqm)
for sale in Cebu City
2 Bedrooms 2 Baths 46 square meters ₱ 7,306,889.00
74 General Maxilom
Avenue Cogon Ramos,
Cebu
Studio Unit (20 sqm)
for sale in Symfoni
Nichols Tower 1,
2 Bedrooms 1 Bath 20 m2 ₱ 2,625,027.00
Guadalupe, Cebu City
Nichols Heights
Guadalupe, Cebu

1 Bedroom 1 Bath 37 m2 Zapatera, Cebu City ₱ 5,029,302.00

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