Isla dela Victoria

Isla dela Victoria (Spanish for Victory Island) is a planned 8-hectare (20-acre) resort and casino facility that as of 2019 is under construction on Kawit Island, South Road Properties (SRP), Cebu City, Philippines. South Road Properties is mostly reclaimed land, but Kawit Island is natural. 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. The project is slated for completion in 2021.[1]

Isla dela Victoria
Project
Opening Date2021 (2021)
DeveloperUniversal Hotels and Resorts Inc. (UHRI)
OwnerCebu City Government and UHRI
Location
Isla dela Victoria
Coordinates: 10°16′16″N 123°52′51″E
LocationKawit Island, South Road Properties, Cebu City, Philippines

Name

The project is named after former Cebu City Bantay Dagat project director Elpidio "Jojo" dela Victoria,[1] who was murdered in Talisay City on April 12, 2006, for his role in the fight against illegal fishing.[2]

History

In a press conference on November 7, 2017, Tomas Osmeña, the mayor of Cebu City, announced that Universal Hotels and Resorts Inc (UHRI), a subsidiary of JG Summit Holdings, had agreed to invest PHP 18 billion to develop Kawit Island in South Road Properties into an integrated resort and casino facility. UHRI would lease the property for 50 years and the city would receive 60% of the annual gross receipts. Osmeña said the project would generate 8,000 jobs and increase the appraisal rates for the lots in the area.[3]

City councilors and the opposition questioned Osmeña's announcement and cited his "favoritism" of investors in SRP while blocking the 2015 sale of a 26-hectare (64-acre) lot.[3] A five-man committee was formed by Cebu City Council to scrutinize the deal's financial, technical, and legal aspects.[4][5] A joint venture agreement was signed on August 17, 2018 by Mayor Osmeña and UHRI president Frederick Go.[6] Several attempts to halt the project implementation were made, all of which were unsuccessful.[7]

Later developments

Upon the 2019 election of vice mayor Edgardo Labella as the new Mayor of Cebu City, Labella vowed to review the Isla dela Victoria project after calling the deal entered by Osmeña with UHRI "disadvantageous" to the city.[7][8] His administration was caught off-guard when two of the four buildings on Kawit Island were demolished in the project's first phase. SRP Management Office Head and former city councilor Jose Daluz III demanded an explanation from UHRI about the demolition but it was laid down in the joint venture agreement signed by the previous administration with UHRI that the latter would have to replicate the buildings on a property owned by the city in front of the Cebu City Hall.[9][1]

The new administration also lobbied to UHRI for an increase in the city's share of the projects' annual gross receipts from 90-10 to 60-40, according to Daluz. UHRI's counter-offer to increase its investment from PHP 18 billion to PHP 25 billion instead of increasing the city's share, prompted Labella to reverse course and agree to allow UHRI to continue the project.[10]

See also

References
  1. Morexette Marie B. Erram (2018-12-22). "ISLA DELA VICTORIA GETS OFF THE GROUND". CDN Digital. Archived from the original on 2019-09-23. Retrieved 2019-09-19.
  2. "JG Summit Holdings to invest P18B for Kawit Island". SunStar Philippines. RVC. November 9, 2017. Retrieved 5 November 2019.
  3. Inna Gian Mejia and Jose Santino S. Bunachita (2017-11-08). "P18B INVESTMENT IN SRP'S KAWIT ISLAND". CDN Digital. Archived from the original on 2019-09-24. Retrieved 2019-09-24.
  4. Jean Marvette A. Demecillo (2018-04-16). "Changes sought in Kawit project deal". The Freeman. Archived from the original on 2019-09-24. Retrieved 2019-09-24.
  5. Razel V. Cuizon (2018-04-26). "4 conditions suggested for Kawit joint venture". SunStar Cebu. Archived from the original on 2018-04-29. Retrieved 2019-09-24.
  6. Rosalie O. Abatayo and Morexette Marie B. Erram (2018-08-17). "Isla dela Victoria deal inked". CDN Digital. Archived from the original on 2019-09-24. Retrieved 2019-09-24.
  7. "Labella to review Kawit deal, SRP sale, counterflow policy". SunStar Cebu. 2019-05-16. Archived from the original on 2019-09-23. Retrieved 2019-09-23.
  8. Delta Dyrecka C. Letigio (2019-04-01). "Isla dela Victoria project: Netizens challenge Osmeña, Labella to a debate". CDN Digital. Archived from the original on 2019-09-23. Retrieved 2019-09-23.
  9. Jean Marvette A. Demecillo (2019-07-18). "UHRI told: Explain demolition at SRP". The Freeman. Retrieved 2019-09-19.
  10. Jean Marvette A. Demecillo (2019-09-12). "Labella changes stance as firm hikes investment: Kawit deal now reaches P25B". The Freeman. Archived from the original on 2019-09-21. Retrieved 2019-09-19.
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