With land value rising in the South Road Properties, a Filinvest Land Inc. (FLI) official said that the company’s future projects in the SRP will be mainly high-rise buildings.

Boler L. Binamira Jr., FLI assistant vice president and Visayas area sales head, revealed this on Saturday on the sidelines of a topping-off ceremony for the third building of Amalfi, a nine-building condominium project.

Amalfi, together with San Remo Oasis, is part of the first cluster inside the 40-hectare property FLI is developing under a joint venture with the Cebu City Government. Binamira said there will be seven more clusters to be developed by FLI.

Soaring values

The first cluster will be different from the others because it will be the only “low-density” and “low-rise” portion of the master-planned community with only five levels per building. The rest, Binamira said, will be high-rise residential projects.

Aside from these projects in the City di Mare site, Filinvest is developing a separate 10-hectare property, the lifestyle and retail hub Il Corso.

“When we started before (around 2009), property price was still at P12,000 to P15,000 per square meter, but now it’s valued at around P30,000,” Binamira said. The best way to maximize the property, he observed, is to develop vertically.

He projects that the price per square meter could soar to as much as P200,000, comparable to some properties in Makati City.

In December last year, FLI President and Chief Executive Officer Josephine Gotianun-Yap said that the company was increasing its investment in City di Mare from P10 billion to P25 billion.

Turnover in late 2016

FLI officials have noted a positive climate in its SRP investment and reported “remarkable” sales records in Amalfi and San Remo Oasis.

Julie Castanos, City di Mare senior manager, said the first two buildings in Amalfi are already at 90 percent sold and have been completed and turned over.

The third building, which topped off last Saturday, is expected to be turned over in the fourth quarter of 2016 or first quarter of 2017, Binamira said.

The Cebu City Government will get a share of the sales of Amalfi’s third building.

Since 2012, the developer was reported to have given over P1 billion to the city government.

Source: SunStar