CEBU

Capitol properties up for development

TWO prime properties in Cebu City owned by the Provincial Government are open for development through a Build, Transfer and Operate scheme.

Gov. Gwendolyn Garcia on Wednesday, Feb. 19, 2020, said if the Larsian Barbeque Food Park and Lot 929-B property in front of the Cebu IT Park are developed, the value of these properties will increase.

It will be patterned on the arrangement the Capitol had entered into with Filinvest Land Inc. (FLI) in relation to the FLI-managed Cyberzone Cebu in the Cebu IT Park.

The Province’s Economic Enterprise Council (EEC) has issued two separate notices to submit proposals for those who wish to develop the properties.

Located on Don Mariano Cui St. in Barangay Capitol Site, Larsian sits on a 3,173-square–meter (sq.m.) lot.

Open 24 hours daily, it is a popular go-to for foodies and those who want to satisfy their cravings for grilled food.

The famous food strip, though, has been marred by controversy after a video of a rat crawling atop the meat displayed in a food stall was uploaded and went viral on social media.

Larsian is now open for a monthly rental rate of at least P250 per sq.m. with an annual escalation rate of five percent, applicable on the sixth year of the lease and every year thereafter.

The investment cost for site development and structure construction should not be less than P1.5 billion.

A sales percentage share of five percent of the gross sales or P300,000, whichever is higher, shall be paid monthly to the Province.

Meanwhile, the 4,450-sq.m. property in front of the Cebu It Park is located on Salinas Drive in Barangay Lahug.

The property’s investment cost for site development and structure construction should not be less than P2 billion.

Its monthly rental rate is pegged at P700 per sq.m. with an annual escalation rate of five percent, applicable on the sixth year of the lease and every year thereafter.

A sales percentage share of five percent of the gross sales or P600,000, whichever is higher, shall be paid monthly to the Province.

The building and site development plan for both properties are subject to approval by the EEC.

The built-up facilities shall be insured with the Government Service Insurance System, in favor of the Province.

Construction works, on the other hand, must be completed within 12 months, starting from the date of receipt of the notice to proceed.

The operation of the facilities and use of the properties shall be for a maximum of 25 years.

Interested parties may submit their proposals along with copies of their letter of intent; corporate profile; financial statement and income tax return for the past three years; a general information sheet from the Securities and Exchange Commission; and a track record or list of their ongoing projects.

The documents must be submitted on or before Feb. 28 to the EEC secretariat. (ANV, RTF)


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