The Filinvest Consortium announced that it has decided to exercise its option to rescind its purchase of a 19.2-hectare property in SRP won through a public bidding in June 2015.
Filinvest said that the City of Cebu failed to comply with several covenants, undertakings and obligations that it was required to fulfill more than a year ago. Filinvest also said that it has given the City ample extensions but it does not appear that the City will be able to comply within a foreseeable reasonable period of time. It has, therefore, decided to rescind the purchase pursuant to Section 5.7 of the sale document.
In a meeting held earlier today with the City, Mayor Tommy Osmeña said that he interposes no objection to the Joint Letter to Rescind sent by Filinvest and that he has tasked City officials and Filinvest representatives to work out the details and processes to consummate the rescission.
Filinvest expressed its continued commitment to Cebu. The company is going full blast with its projects including joint ventures with Cebu City and Cebu province. Among these is the ongoing development of the 40-hectare City di Mare, a joint venture with Cebu City located in SRP. Currently, the Filinvest group has existing and planned developments in Cebu covering residential, commercial, hospitality and office building projects with investment value of over P20 Billion. ADVT