Wednesday, February 1, 2012
FILINVEST Land Inc. will put up a business process outsourcing (BPO) complex on the 1.2 hectare Capitol-owned lot in Salinas Drive, Barangay Lahug, Cebu City.
The Bagong Buhay Rehabilitation Center and Cebu City Treatment and Rehabilitation Center used to occupy the lot.
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FLI plans to build four towers on the lot under a build-operate-transfer (BOT) scheme.
The developer won the bidding on the lot with its P2-billion offer. Ayala affiliate Cebu Property Ventures and Development Corp. (CPVDC) offered P591.9 million for the lot while Vicsal Development Corp. of Metro Gaisano made a bid for P523.7 million.
Gov. Gwendolyn Garcia said in an interview that the lot will remain the property of the Provincial Government.
FLI will pay rent of P86.1 million for the four towers—one is a 10-storey structure while three will rise up to 18 levels—and a percentage share (profit share) of P155.3 million.
“We do not dispose of our property. We earn from that property (through) rental and percentage of revenues,” Garcia told Sun.Star Cebu.
“We took stock of our prime lots and realized that this is attractive to the private sector. We offered it to the private sector for development based on our terms,” she added.
Filinvest’s development and use of the property adds value to the Capitol lot because structures that will be built on the property will be transferred to the Provincial Government, she said.
FLI has a 25-year lease for the lot with the option to renew the agreement for another 25 years.
Capitol will release the certificate of award to the Filinvest after seven days.
Engr. Winnifred Lim, chief technical planning officer of FLI, said the developer can start construction in six months or as soon as they get the certificate of award from the Province.
Capitol’s minimum investment cost for the project reached P300 million.
Rent on the lot will increase five percent every year.
Garcia said she still needs to meet with the Provincial Board (PB) for their confirmation of the project.
FLI is the same company whose project at the South Road Properties was questioned by the Capitol.
When the governor was asked last night for her reaction to this through text message, she refused to comment.
Rey Maribao, FLI business planning head, said the company is confident it will attract occupants to its towers despite the threat of a US bill against outsourcing.
Published in the Sun.Star Cebu newspaper on February 01, 2012.
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