CEBU, Philippines - Filinvest Land Inc., the first closed sale of the South Road Properties will have its formal groundbreaking in December.
Cebu City Mayor Tomas Osmeña recently announced of the groundbreaking, but this does not mean that it is only from there that Filinvest will start its work on the 50.6-hectare area.
“They had started working already on their drainage system, by the way their own ha. I have to make it clear, contrary to what Pablo John (Garcia) said that we will do all the work for them. He is distorting the whole thing. Our drainage work is only in the major areas, just like in subdivisions,” Osmeña said.
Osmeña also said that Filinvest already presented its masterplan for the 10.6-hectare Pond F.
“It is very exciting. Just have to make some adjustments. Hotels, high-rise buildings, waterfront development, entertainment, shopping,” Osmeña said.
The Development Master Plan is to be approved by the City Council 10 to 12 months since the signing.
According to the Joint Venture Agreement, Filinvest will have to start construction six months after signing as well as payment of the first P325 million.
The JVA was signed in February.
Payment and signing would have been in December yet, but it was delayed because the Cebu Province expressed interest to challenge the proposal of Filinvest.
Eventually, the Cebu Province was turned down twice mainly because of the lack of jurisdiction or identity.
According to the rules, only private entities or corporations are allowed to submit a competitive challenge against Filinvest’s unsolicited proposal.
The Cebu City government stands to earn from the outright sale of 10.6-hectare Pond F, amounting to P1.546 billion for the first three years, and from its 10-percent share in the sale of built-up units in the 40-ha. area, or a minimum guaranteed return, whichever is higher at the 40-hectare JV area.
The properties covered by the joint venture will be developed in 20 years, at 10-ha. for a maximum of five years. – Ferliza C. Contratista/MEEV (THE FREEMAN)