Filinvest Land Wins Bid for 1.2-hectare Lot in Cebu
San Juan–(PHStocks)–Filinvest Land Inc. (PSE: FLI) recently won the bidding for the Build Transfer Operate (BTO) of a 1.2-hectare property in Salinas Drive, Lahug, Cebu City. FLI announced that it has complied with the requirements contained in the Notice of Award from the Economic Enterprise Council (EEC) under the Office of the Governor of the Province of Cebu.
The lot used to be occupied by the Bagong Buhay Rehabilitation Center and the Cebu City Treatment and Rehabilitation Center. FLI plans to construct Business Process Outsourcing (BPO) office buildings on the property.
FLI remains bullish on the BPO sector and is rapidly expanding its office portfolio to meet the needs of the industry. FLI believes that Cebu, in particular, has good potential for this business. As of the end of 2011, FLI’s BPO office building portfolio had over 170,000 square meters of gross leasable area (GLA) from twelve (12) buildings in Northgate Cyberzone in Filinvest Corporate City in Muntinlupa City and PBCom Tower in Makati City.
At Northgate Cyberzone, another building is currently under construction and will add close to 20,000 square meters of GLA in the first half of 2013, while a fourteenth building is targeted to break ground within the year with a GLA of 13,000 square meters. Vector Two, which was completed in the fourth quarter of 2011, is fully taken-up and has been turned over for tenant fit-outs.
Meanwhile, FLI is constructing a five-storey building along EDSA across the Asian Development Bank building, and is expected to be completed within 2012.
Cebu has become one of the major hubs for FLI projects. It is currently developing the 50.6-hectare Citta di Mare in the South Road Properties. Two mid-rise building (MRB) projects, Amalfi Oasis and San Remo Oasis, are currently being constructed under a joint venture with the Cebu City Government. Land development works on the Il Corso lifestyle strip are also ongoing.
Other ongoing projects of FLI include One Oasis Cebu, a 3.7 hectare MRB development with a total of 10 buildings adjacent to the Cebu Golf and Country Club. Two buildings have already been completed and a third is targeted for completion by year-end.
Finally, FLI’s Grand Cenia Hotel and Residences condotel has recently started operations as Quest Hotel and Conference Center, a three star hotel complete with business and conference facilities.