Cebu Province and Fifth Avenue Development Corp. signed an amended build, transfer and operate agreement to resuscitate the long-stalled Ciudad Project in Banilad, Cebu City.
Cebu Governor Hilario P. Davide III, representing the Cebu Provincial Government, expressed his optimism on the project’s realization. “We endeavored to correct the mistakes before. Naniguro gyud ko nga ang agreement gi-signan karon naa na gyuy authority (from the Provincial Board),” he said.
Michael Dino, executive vice president of Fifth Ave., also expressed their desire to move forward with the project. “We are rushing as well. This has been stalled for quite some time already. We are itching to start the project,” he said.
He said the project cost may now reach P2 billion.
Fifth Avenue recently entered into a memorandum of understanding with Filinvest Land Inc. (FLI), which would finance the development of the Ciudad property, as well as act as its “exclusive marketing, operation and management arm.”