Vol. XXII, No. 126 [ BusinessWorld Online ]
Wednesday, January 28, 2009 | MANILA, PHILIPPINES
FILINVEST LAND, Inc. has received from the Cebu City government the go-signal to develop part of the South Road Properties.
The listed firm told the stock exchange yesterday it had received a notice of award from the local government to develop portions of the prime lot, which is expected to become the centerpiece of the city’s development and its single biggest growth driver.
Last week, the property company said it was close to getting the contract to develop 50 hectares of the local government-owned lot.
The developer will buy about 10 hectares of the prime land and form a joint venture with the city government to develop 40 more hectares. It plans to invest P25 billion in hotels and retirement complexes, among others.
The local government reclaimed the South Road Properties with the help of the Japan Bank of International Cooperation, which extended a 12-billion yen loan through Land Bank of the Philippines.
The facility is registered as a special economic zone with the Philippine Economic Zone Authority and was designed for mixed land use that can accommodate light manufacturing, commercial, tourism, information technology and other service enterprises.
The South Road Properties is about five minutes away from the central business district in downtown Cebu City, about 15 minutes from the Cebu International Port and less than an hour away from the Mactan Cebu International Airport. — Kristine Jane R. Liu