Capitol Settles Geonzon Street Dispute

(PNA) — The Cebu provincial government and two real estate giants are finalizing separate agreements to end the dispute over access through Geonzon Street in Barangay Apas, Cebu City.

The agreements, once signed, would grant access to Geonzon Street for both properties of Cebu Property Ventures Development Corporation (CPVDC), a subsidiary of Ayala-led Cebu Holdings Inc. (CHI) and Filinvest Land Inc. (FLI).

Under the draft agreement, CPVDC will agree to provide perpetual pedestrian and vehicular access to and from the Cebu I.T. Park using the Geonzon Street and grant road right-of-way through all the roads inside the Cebu I.T. Park.

The conflict between the two estate developers stemmed from the perimeter wall put up by CPVDC along the Geonzon Street intended to delineate the boundary between CPVDC-operated Cebu I.T Park and the property FLI was developing.

The provincial government also commits to provide CPVDC additional access points to and from the Cebu I.T Park by granting CPVDC a perpetual road right-of-way through certain points in Salinas Drive and Governor Cuenco Avenue, subject to certain terms and conditions.

“We expect to soon finalize this agreement that will benefit not only the investors and companies in the Cebu IT Park and the Cebu Province properties but the larger surrounding community, as well,” said Jeanette Japson, corporate communications manager of CHI.

On Monday the Cebu Provincial Board granted Cebu Governor Hilario Davide III the authority to sign the agreement with the FLI and CPVDC.

Davide earlier expressed concern that controversy involving FLI and CPVDC would only delay the business processing outsourcing (BPO) complex currently being built by FLI.

The province had entered into a build-operate-transfer (BOT) agreement with FLI for the establishment and operation of a P1.76 billion BPO complex at the 12,290-square meter Capitol property beside the Cebu I.T. Park for a period of 25 years.

The BOT agreement mandated the province to ensure access and passage through Geonzon Street for FLI. (PNA) FPV/EB/EDS