Filinvest Land wins bid to develop former Cebu City jail

MANILA, Philippines - rGotianun-led Filinvest Land Inc. (FLI) has bagged the right to redevelop a 1.2-hectare property that used to be the site of the Cebu City jail and drug rehabilitation center.

In a disclosure to the stock exchange, FLI said it plans to put up office buildings catering to the business process outsourcing (BPO) sector in the area.

FLI edged out bids from Ayala affiliate Cebu Holdings Inc. and the Gaisano family’s Vicsal Development Corp.

At the end of the build-lease contract, developments made on the lot will be transferred to the Cebu provincial government.

“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 (sqm) of gross leasable area from 12 buildings in Northgate Cyberzone in Filinvest Corporate City in Muntinlupa City and PBCom Tower in Makati City,” the company.

At Northgate Cyberzone, another building is under construction and will add close to 20,000 sqm in the first half of 2013, while a 14th building is targeted to break ground within the year with a gross lesable area of 13,000 sqm.

Vector Two, which was completed in the fourth quarter of 2011, is fully taken-up and has been turned over for tenant fit-outs.

In addition, FLI is constructing a five-story building along EDSA across the Asian Development Bank building, and is expected to be completed within the year.

Cebu has become one of the major hubs for FLI projects. The company is currently developing the 50.6-hectare Citta di Mare in the South Road Properties. Two mid-rise building projects, Amalfi Oasis and San Remo Oasis, are also under construction under a joint venture with the Cebu City government.

Other ongoing projects of FLI include One Oasis Cebu, a 3.7-hectare medium-rise building 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 yearend.