CLOSE to 400 saleable lots at the Old Philippine Railway Residence Association (Oprra) site in Barangay Kalunasan, Cebu City are set to be reappraised by the Provincial Government.
This after Gov. Gwendolyn Garcia said in an earlier interview that she wanted Province-owned real properties reappraised to conform with the present fair market value.
According to a Sugbo News report dated Jan. 10, 2020, Garcia directed Paul Entera, Capitol consultant on real estate management, on Thursday, Jan. 9, to conduct a site orientation and study the prevailing value of the property.
Entera said members of the Actual Occupants and Residents of Oprra Kalunasan Inc. (AOROK) expressed interest to purchase the lots.
In his report presented before Capitol officials, Entera showed a copy of a memorandum of agreement (MOA) that was signed on Sept. 10, 2012 between the Province of Cebu and AOROK.
Under the signed MOA, “selling, transferring and conveying to AOROK the remaining sold and saleable subdivided lots containing the total area of 40,560 square meters” was allowed.
The unsold lots have an average size of 120 square meters or a total of around 40,000 square meters.
The Bureau of Internal Revenue (BIR) and the Cebu City Assessor’s Office placed the current zonal value of the lots at P1,700 per square meter.
The current purchase price is pegged at P3,273.33 per square meter, or a total amount of P132,766,264.80.
The amount is from the tabulated assessed values gathered from the BIR, the City Assessor, and past valuations like P10 in 1971 and P6,420 in 2008. / RTF