Filinvest Land pre-qualifies to bid for CCP asset development

MANILA, Philippines - Filinvest Land Inc. (FLI), the property development firm owned by the Gotianun family, has pre-qualified to participate in the bidding for the Cultural Center of the Philippines’ (CCP) asset development program.

In a disclosure to the Philippine Stock Exchange, FLI vice president and corporate information officer Apollo Escarez said the program involves the “redevelopment of CCP’s 62-hectare property into a center for business and economic activity with arts and culture as a focal point.”

The CCP was created in 1966 through Executive Order 30 with the purpose of promoting and preserving Filipino arts and culture.

Last February, the Court of Appeals prohibited the Pasay City government and Republic Real Estate Corp. from selling lots within the CCP complex after the government allegedly failed to pay reclamation costs.

CCP president Nestor O. Jardin said the CCP complex business and master plan was completed in November 2003 after the Supreme Court ruled that the CCP is the owner of the land in 2000.

Aside from the CCP, FLI was also tapped by the Cebu City government as its partner for the development of a 50.6-hectare lot at the South Road Properties.

Its joint venture proposal includes the purchase of a 13-hectare lot for about P2 billion and the development of 35-hectare lot across the prime property into a mixed-use commercial project which will have recreational facilities, residential condominium buildings and IT buildings.

FLI has set aside P5.3 billion for its capital expenditures this year or an increase of 29 percent from the previous year’s P4.1 billion. The money will be used to develop five to six mid-rise buildings, two BPO buildings, the first phase of the P25 billion township on a reclaimed land in Cebu City, and its first high-rise residential project called The Linear.

These projects will be funded using internally-generated cash and bank borrowings. The company has available bank lines of P3 billion.

The company is launching 29 new projects and phases this year, estimated to generate around P7.4 billion in sales across all market segments.

FLI plans to launch more phases in its ongoing mid-rise projects in Ortigas Extension and Marcos Highway in Pasig City, as well as in Davao and Cebu. It will also launch a similar project in Sta. Mesa, Manila.

For its socialized housing projects, the company is readying new projects within Ciudad de Calamba as well as new phases in existing projects in Batangas, Cavite, Tarlac and Pampanga.