Saturday, September 27, 2008 (Philippines)

If deal pushes through, a 50-hectare portion of the South Road Properties (shaded red) will be developed by Filinvest Land Corp. Ten hectares will be bought in outright sale for P2 billion while 40 hectares will be used for a joint venture with the Cebu City Government. (Sunstar file) CEBU City officials find “very attractive” Filinvest Land Inc.’s (FLI) unsolicited proposal to develop the South Road Properties (SRP) and expect to get two other offers from major developers in a month’s time. Mayor Tomas Osmeña will convene anytime the Joint Venture (JV) Selection Committee, which will evaluate the contractual arrangement for the JV proposal that FLI submitted last Thursday night. Although they have yet to read the details of FLI’s offer, Vice Mayor Michael Rama and some city councilors said the package is attractive and could be advantageous to the City. [full story]