HOMEGROWN property developer Cebu Landmasters Inc. (CLI) has expressed interest in developing prime lots owned by the Provincial Government.
The development was confirmed by Gov. Gwendolyn Garcia who met with officials of CLI on Monday, Jan. 13, 2020.
“They expressed their interest to participate in any bidding for the development of several strategically located and highly valuable properties of the Province. Here is a homegrown talent, developer that can now be at par with other developers from Manila,” Garcia said on Tuesday, Jan. 14.
The governor said initial plans include the development of a 6,000-square-meter lot in front of the Cebu IT Park in Barangay Lahug, Cebu City, which was previously used as a 55-car parking area.
Another property up for development is the 849-square-meter lot on Salinas Drive, in front of the IT Park that was previously leased to property developer Innoland Development Corp.
“We had initially thought that we would offer this (Innoland lot) for lease since there is already an existing building, but they (CLI) opened my eyes to the possibility of also including development there,” Garcia said.
She added that CLI is also interested in developing other Capitol-owned properties, which are still under study.
“Our thrust will be, once our terms of reference for the bidding are finalized, we shall call all developers so that they will all be made aware. Of course, we have a template for that already. It was proven to be successful in the Cyberzone bidding which is under the Build, Transfer and Operate (scheme),” Garcia said.
Garcia and officials of Filinvest Land Inc. (FLI) signed a deed of conveyance on Oct. 8, 2019 in relation to Tower 2 of the FLI-managed Cyberzone Cebu (FCC) in the Cebu IT Park.
In April 2016, FLI turned over to the Provincial Government the first of four buildings of the FCC.
For both buildings, the total development and construction cost was P3.8 billion, increasing the Province’s assets by the same amount.
FLI also pays Capitol P600,000 a month for the 1.2- hectare lot where the towers stand, plus two percent of the gross revenue or P500,000 a month, whichever is higher.
“That will be the template for all other properties that the Province will develop. We are not selling. We are not disposing, but we are earning from these properties,” Garcia said.