Sugbo News - FLI BARES CONCEPT PLANS FOR CIUDAD PROJECT

Filinvest Land Inc. (FLI), led by special projects acquisition head Atty. Ron Michael Garcia, presented before Gov. Gwen Garcia and the Economic Enterprise Council (EEC) of the Cebu Provincial Government the concept and architectural design of the Ciudad Project.

FLI BARES CONCEPT PLANS FOR CIUDAD PROJECT

Oct. 17, 2024

Among the EEC members present were Board Members Atty. Jiembo Borgonia and Carmela Franco; as well as Capitol department heads and consultants.

The Ciudad Project, which shall rise on a 1.4-hectare Capitol lot on Gov. M. Cuenco Avenue in Cebu City, is a public-private partnership between the Capitol and FLI governed by a build-transfer-operate agreement.

Joining FLI officials at the Capitol on October 17 was the Australian Architect Michael Banak, director of FMB Architects that designed the project.

According to their presentation, the Ciudad Project will consist of three towers that will have a total of 2,487 hotel or office units. Tower 1 will have 48 floors; Tower 2 will have 54; and Tower 3 will have 51 floors, with a total floor area of 144,875 square meters.

The project is in close proximity to the bustling Cebu IT Park, making it an ideal spot for investments.

FLI officials revealed their positive outlook on Cebu’s real estate market, calling it the “post-pandemic Ceboom.” By 2026, they expect Cebu’s condominium stock to reach 93,100 units, with average annual completing of 5,000 new units from 2024 to 2026.

In March this year, the Capitol officially transferred possession of the Ciudad Property to FLI, giving it the right to begin developing the site. When the project is completed, the Capitol will take full ownership of the property, including its improvements, with FLI given the right to exclusively operate the properties for the next 25 years to recover its investments.

The Capitol will not only add billions of pesos into the valuation of its assets without spending a single centavo, but it will also be able to collect rent from the property as well as shares from the gross income, securing another source of revenue for generations down the line.

This is the Capitol’s second PPP with FLI, the first being a four-tower BPO Complex called Filinvest Cyberzone built on a 1.2-hectare Capitol property within the Cebu IT Park. | MARM

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