Ciudad property dev’t starts soon

CEBU, Philippines — The construction for the development of Capitol’s Ciudad property in Banilad, Cebu City will soon start as the Cebu provincial government has turned over the property to a private firm.

Governor Gwendolyn Garcia led the turnover of the property located along Gov. Cuenco Avenue, Banilad road, Cebu City to Filinvest Land Inc. yesterday, March 22,2024.

The 1.4 hectares of land in the area will be developed under a Public-Private Partnership with the Build Operate Transfer (BOT) scheme wherein Filinvest will take on the development and upon the completion the property will be turned over to the Capitol.

Under the agreement, the Province will grant the FLI the “exclusive rights” to manage and operate the property for 25 years allowing the company to recover its investment.

The governor has expressed optimism in the long partnership of Cebu Province and FLI. (CEBU NEWS)

Garcia, representing the Province of Cebu, and FLI’s President and CEO Tristan Las Marias, inked the lease agreement earlier this year, which states that the Capitol will receive a rent of P65 per square meter per month from the company with an escalation rate of 5 percent per year. The FLI will also pay Cebu Province 2 percent share of gross sales or P200,000 per month, whichever is higher.

“You will not only earn revenue, but the moment we finish the building, the Province will stand to be the automatic owner of another multi-billion asset,” Las Marias said during the turnover ceremony yesterday.

Board member Glenn Anthony Soco, who chairs the Committee on Trade and Commerce of the Provincial Board, said that the revenue from the partnership will add to the coffers of the province that will fund more programs and projects for the Cebuanos.