Updated November 18, 2008 12:00 AM [ philstar.com ]
The Quezon City government became richer by P91.8 million yesterday after it sold the Ocean theater in Cubao to hotel firm Eurotel.
Eurotel managing director William Go turned over a check amounting to P 91.8 million to city treasurer Victor Endriga during a simple ceremony witnessed by Mayor Feliciano Belmonte Jr. and Councilors Ariel Inton, Aiko Melendez, Bernadette Herrera Dy, Dorothy Delarmente, Wencerom Lagumbay and Jaime Borres.
Eurotel is the owner of the Sogo hotel chain in Metro Manila.
The Ocean theater, originally pegged at P 58 million, was auctioned off last Oct. 13 by the city government through the bids and awards committee, headed by Endriga and city administrator Paquito Ochoa.
Eurotel entered a bid of P 91.8 million, while SM Prime Holdings bid P 80 million and First View Corp, P118 million. However, city officials declared Eurotel as the winner for offering to pay five days after receiving the notice of award.
Endriga said First View Corp offered to pay in installment for 10 years.
Belmonte said the proceeds from the sale will be used to put up a new hospital on a one-hectare land along Commonwealth Avenue near Litex.
Other infrastructure projects that await funding from the Ocean theater sale are the C-5 extension roads connecting Mindanao Avenue to the North Luzon Expressway, Visayas Avenue to Tandang Sora Avenue, and Tandang Sora to Luzon Avenue. – Perseus Echeminada
