Filinvest-led consortium secures Cebu property for P6.7B

A consortium led by the Filinvest group has expanded its footprint in Cebu with a P6.7-billion purchase of a 19.2-hectare reclaimed land in South Road Properties (SRP) owned by the Cebu City government.

The consortium, composed of Filinvest Land Inc., Filinvest Alabang Inc., and Cyberzone Properties Inc. and Sytengco-owned companies, signed a deed of absolute sale and gave its full payment to the local government on Dec. 19.

The Filinvest consortium won the public bidding held by the city way back in July 2015.

“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, said on Wednesday.

“We now have a total land size of around 70 ha [that can be developed], which is the biggest share owned by any developer in the SRP. We are excited about what we can develop given the large size of land we have and influence the trend and development directions in SRP to maximize its growth potentials,” Gotianun-Yap added.

Filinvest intends to use this new land bank 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-ha joint venture with Cebu City, called City di Mare, as well as the 10-ha Il Corso commercial development likewise located in the SRP.

Gotianun-Yap said Filinvest was thankful to the local government for its openness to investors as she reaffirmed commitment to remain a “solid” partner as Cebu City emerges as a top investment destination not only in the country but throughout Asia.

Filinvest is one of the major investors in Cebu with residential, commercial, hospitality and BPO (business process outsourcing) centers in the region. The Gotianun family, under its late patriarch Andrew Gotianun, was originally based in Cebu before expanding in Metro Manila.