Capitol invites challengers for Banilad condominium project

CEBU, Philippines — The Cebu Provincial Government's Economic Enterprise Council (EEC) has opened an invitation to private entities interested in challenging a proposal for a planned mixed-use condominium project in Banilad, Cebu City worth P17 billion.

The invitation was posted on the Capitol’s official news network, Sugbo News, yesterday.

Based on the posting, interested parties are expected to apply for eligibility to submit a comparative proposal for a JVA for the development of a top-end mixed used commercial and residential condominium project.

This came after the Capitol and Filinvest Land Inc. (FLI) reached an agreement on the proposed (unsolicited proposal mode) JVA for the development of the condominium project.

In accordance with Cebu Provincial Ordinance No.2015-04 or the “Province of Cebu Integrated Public-Private Partnership (PPP) Code", a project of this type needs to undergo a competitive challenge or “Swiss challenge".

The said project will rise on a 14, 282 square-meter property of the Cebu Provincial government in barangay Banilad, Cebu City.

The basic terms and conditions of the project is to develop, finance, operate, own and manage a top-end mixed-use commercial and residential condominium project with an estimated project cost of not less than P17 billion.

On the creation of a Joint Venture Company, PGC's contribution are non-cash (the property and intangible assets); Cash Bonus to the PGC with a Net Present Value of P419 million, computed at a discounted rate of 8 percent.

The development period of this project will be in multiple phases with the initial phase completion in 36 months, while the whole project is to be completed in a period not exceeding 180 months.

Prospective proponents or challengers must meet the eligibility requirements set, which include a history of completed and developed mixed-use commercial and residential projects, with one project amounting to at least P12billion.

Deadline for submission of eligibility documents is set on February 26, by 12 noon, and will be opened not earlier than 1 p.m. on the same date in the presence of the private sector participants’ representatives, if any, who choose to attend the scheduled opening. (CEBU NEWS)