Filinvest Land Inc. (FLI) is bidding to be the joint venture partner of the Cultural Center of the Philippines (CCP) for the latter’s plan to develop its sprawling property into a business and arts center.

In a disclosure to the Philippine Stock Exchange (PSE), FLI vice president and corporate information officer Apollo Escarez said the firm has been informed that it is pre-qualified to participate in the joint venture selection process of the CCP for its Asset Development Program (ADP).

“The ADP pertains to the redevelopment of the CCP’s 62-hectare property into a center for business and economic activity with arts and culture as a focal point,” he explained.

FLI has also submitted the eligibility requirements for the Bases Conversion and Development Authority’s Competitive Challenge Process for the P15.6 billion unsolicited proposal of Megaworld Corporation.

It said the competitive challenge will be for the privatization and joint venture development of the BCDA’s 8.38 hectare North Bonifacio Lots, located at Bonifacio Global City, Taguig City.

FLI president Joseph M. Yap said the company is set to launch 29 new projects and phases this year, with a total sales value of P7.4 billion.

Yap also said the company is setting aside P5.3 billion for its capital expenditure, or 30 percent more compared with P4.1 billion last year.

Of the total capex, Yap said P1.5 billion will be raised through bank borrowings, and the remaining will be internally generated. “We have P3-billion unused bank credit today,” he added. Of the 29 projects, three will be for socialized housing, seven affordable housing, seven for middle income and two for the high-end segment.

“Also in the pipeline is your company’s first high-rise project,” Yap said. To date, the company has five to six ongoing projects on top of the 29.

Despite the global financial crisis, Yap said “we believe that the demand for [the] company’s main business – mass housing, will remain strong.”