Saturday, August 8, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
Gotianun-led Filinvest Land, Inc. has been prequalified to join a joint venture project with the government to redevelop a part of the Cultural Center of the Philippines (CCP) complex in Pasay City.
"The company has been informed that it has been prequalified to participate in the joint venture selection process of the CCP," Filinvest said in a disclosure on Friday.
The plan entails redeveloping CCP’s 62-hectare property into a center for business and economic activity with arts and culture as focal point.
Last year, the CCP said it plans to enter into a join venture with private corporations for the over P40-billion project. The 62 hectares identified for development is part of the 88-hectare complex.
The project will cover almost all areas except that of the Philippine International Convention Center, the Coconut Palace, Gloria Maris restaurant and Sofitel Hotel.
The CCP plans to transform the area into a center for arts and culture where galleries, animation offices, shops and lifestyle markets could be seen.
Once the development is complete, the CCP said revenues from other ventures within the complex can make them financially independent from the government. The CCP has an annual budget in the general appropriations law. — Kristine Jane R Liu