A consortium led by the Filinvest group has sealed the purchase of a 19.2-hectare reclaimed land in South Road Properties (SRP) from the Cebu City government for P6.7 billion.
The consortium, composed of Filinvest Land Inc., Filinvest Alabang Inc., and Cyberzone Properties Inc. and Sytengco-owned companies, signed a deed of absolute sale with the city government for the acquisition of this parcel of land – referred to as Lot 1 in SRP – and gave its full payment on Dec. 19.
The Filinvest consortium had won the public bidding held by the city way back in July 2015 for the purchase of the same property.
“We were the first investor in SRP, the first to see its high growth potentials, and the first to believe in it. We are very happy with the fulfillment of this acquisition,” Josephine Gotianun Yap, Filinvest Development Corp., president and chief executive officer said on Wednesday.
Filinvest intends to use this new landbank for a mixed-use development with residential, office, commercial and retail components. This is seen to complement the array of residential and lifestyle real estate developments in its existing 40-hectare joint venture with Cebu City, called City di Mare, as well as the 10-hectare Il Corso commercial development likewise located in the SRP.