CIUDAD PROJECT. Cebu Governor Gwendolyn Garcia hands over a commemorative plaque to Filinvest Land, Inc. president and CEO Tristaneil Las Marias (right) to mark the beginning of their public-private partnership to develop the Ciudad Project, a mixed-use business park in Barangay Apas, Cebu City, in a ceremony on Friday (March 22, 2024). Under the Build-Operate-Transfer scheme, Filinvest will have exclusive rights to the project for 25 years while the Cebu provincial government will earn rental and shares from profits before the multi-billion asset is turned over to Cebu province. (Photo courtesy of Cebu Capitol PIO)
CEBU CITY – Cebu’s provincial government turned over to a private developer a 1.4-hectare prime property along Gov. Cuenco Avenue in Barangay Apas, which will be home to a mixed-use business park to be implemented through a public-private partnership.
In a ceremony on Friday, Cebu Governor Gwendolyn Garcia handed over the property to Filinvest Land, Inc. (FLI) president and chief executive officer Tristaneil Las Marias, signaling the start of the project's Build-Operate-Transfer scheme.
In her speech, Garcia said the awarding of the Ciudad Project to Filinvest came after the Cebu Provincial Economic Enterprise Council’s careful study of the developer’s unsolicited proposal to construct high-end residential and commercial towers on the province’s property at a cost of PHP16 billion.
Las Marias, meanwhile, described the project turnover as “the commencement of another transformative, second partnership” to be governed by the BOT arrangement.
The province, he said, would not only earn revenue from the project but would become an “automatic owner of the multi-billion asset.”
FLI will have exclusive rights to the area for 25 years, while the province also earns rental and shares from their profits from business operations.
Under the BOT scheme, FLI will build the infrastructure and transfer the ownership of the complex to the provincial government upon completion of the construction.
Garcia praised Filinvest for going through the grueling negotiations with the provincial officials.
She cited the first successful partnership between the province and Filinvest, referring to the Cyberzone project, a joint venture between the Cebu provincial government and Filinvest, comprising four office towers with retail podiums. (PNA)
