Filinvest hopes to start work on project

Saturday, February 4, 2012

FILINVEST Land Inc. hopes it can get its certificate of bid award on time so it can start development on Capitol’s 1.2-hectare property in Salinas Drive, Barangay Lahug, Cebu City.

The developer, which also invested in the South Road Properties (SRP), won the bid with its P2-billion offer.

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The property used to be occupied by the Bagong Buhay Rehabilitation Center and the Cebu City Treatment and Rehabilitation Center.

Engr. Winnifred Lim, chief technical planning officer of FLI, said they expect the award to be given after seven days. He said they hope there will be no delay.

He said FLI will put up a business process outsourcing complex on the property.

It plans to build four towers under a build-operate-transfer scheme.

Despite the threat of a US bill against outsourcing, Rey Maribao, FLI business planning head, said the company is confident the development will attract occupants, as FLI does not rely on the call center industry alone.

Vision for Cebu

“This is our vision for Cebu,” Maribao said.

Lim said they can’t give their sales prediction yet because they are still finalizing their plans. He said they are going to rent out an entire floor to a client and it’s up to the client to subdivide the space.

FLI already submitted a copy of its project to Gov. Gwen Garcia.

Engr. Adolfo Quiroga, head of Provincial Planning and Development, said they will verify the rates used by FLI to see if the company followed the terms of reference.

Capitol’s bidding to develop the Lahug property took six months. The last day of submission of the letter of intent was last Sept. 23.

The other bidders were Ayala affiliate Cebu Property Ventures and Development Corp., which offered P591.9 million, while Vicsal Development Corp. of Metro Gaisano made a bid of P523.7 million.