MANILA, Philippines — Gotianun-owned Filinvest Group will develop a 19.2-hectare mixed-use project in Cebu following the signing of a deed of absolute sale with the Cebu City government.
The project is seen complementing Filinvest’s existing projects in Cebu such as a 40-hectare joint venture development with the Cebu government called City di Mare and the 10-hectare Il Corso commercial project in South Road Properties (SRP).
The Filinvest consortium, composed of Filinvest companies and Sytengco-owned corporations, acquired the 19.2-hectare property for P6.7 billion.
Cebu City Mayor Edgardo Labella welcomed the planned development in the city.
“We welcome the new developments and opportunities that Filinvest consortium will bring to SRP and to the city. The purchase payment would help the city to finally retire the SRP loan and provide basic services to its constituents.
Our city strives to maintain the business-friendly environment that has made us one of the top investment havens in the Philippines,” he said.
Filinvest Development Corp. president and chief executive officer Josephine Gotianun Yap said the Filinvest Group is proud to be the first investor in Cebu’s South Road Properties.
“We now have a total developable land size of around 70 hectares 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.” Yap said.
Filinvest is one of the major investors in Cebu with residential, commercial, hospitality and BPO centers in the region.
Its development projects include large-scale townships such as the 306-hectare Havila, the 677-hectare Timberland Heights and 60-hectare Manna East in Rizal, the 350-hectare Ciudad de Calamba, the 40-hectare City di Mare in Cebu and the 51-hectare Palm Estates in Talisay City.
In Metro Manila, Filinvest Land owns 20 percent of Filinvest Alabang, developer of Filinvest City.
In south Luzon, FLI has two townships in the Clark Special Economic Zone – an industrial and logistics park and mixed-use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with FDC.