Cebu - The provincial government of Cebu has embarked on a significant development project, partnering with Filinvest Land, Inc. (FLI) to develop a 1.4-hectare property into a mixed-use business park. The initiative, situated along Gov. Cuenco Avenue in Barangay Apas, is set to unfold through a public-private partnership, marking a key milestone in the region's economic expansion.
According to Philippines News Agency, Cebu Governor Gwendolyn Garcia officially handed over the site to FLI, led by President and Chief Executive Officer Tristaneil Las Marias. This event marked the beginning of the Ciudad Project's construction phase, governed by a Build-Operate-Transfer (BOT) scheme. Governor Garcia highlighted that the decision to award the project to Filinvest was the result of the Cebu Provincial Economic Enterprise Council's meticulous evaluation of the developer's unsolicited proposal. The proposal outlined a plan to erect high-end residential and commercial towers on the provincial property, with an investment of PHP16 billion.
Las Marias conveyed his enthusiasm for the project, recognizing it as the start of a transformative partnership under the BOT arrangement. He emphasized that the collaboration would not only generate revenue for the province but also result in the province becoming the owner of a multi-billion asset upon completion. For 25 years, FLI will maintain exclusive rights to the area, while the provincial government will benefit from rental income and a share of the profits from business operations.
Under the BOT scheme, FLI is responsible for constructing the infrastructure and then transferring ownership to the provincial government after the completion of construction. Governor Garcia commended Filinvest for enduring the challenging negotiation process with provincial officials. She referenced the successful precedent of collaboration between the province and Filinvest, specifically the Cyberzone project. This earlier joint venture resulted in the creation of four office towers with retail podiums, demonstrating the potential for successful partnerships in regional development.