Friday, September 26, 2008 (Philippines)

Cebu City Mayor Tomas Osmeña (third from left) and Filinvest Land Corp. president Andrew Gotianun Jr. show document containing the company’s proposal. With them at the Casino Español press con-ference are House Deputy Speaker and north district Rep. Raul del Mar (left) and Vice Mayor Michael Rama. Location map shows the area (in green) affected by Filinvest’s proposal. The mayor is confident the project will start before his term ends in 2010.(Sun.star photo/Arni Aclao) FOUR years after it started paying for the loan, the Cebu City Government received the first offer to develop a 50-hectare portion of the South Road Properties (SRP), including an outright purchase of 10 hectares worth P2 billion. Filinvest Land Inc. (FLI) submitted to Mayor Tomas Osmeña last night its unsolicited proposal to undertake a joint venture agreement with the City, where the latter will get at least 10 percent of FLI’s gross sales every year. FLI will invest at least P80 billion in the project, which will include “mid-level to ultra high-end” residential buildings, a medium-rise complex, a cluster of high-rise hotels, retirement and medical facility and commercial areas, said Tristan Las Marias, the firm’s vice president for Visayas and Mindanao. [full story]