The Filinvest Group and a partner acquired a 19.2-hectare reclaimed land in South Road Properties Cebu City for P6.7 billion.
Filinvest Land Inc. said in a statement a consortium composed of Filinvest companies and Sytengco-owned firms signed a deed of absolute sale with the Cebu City government for the acquisition of the property.
The group paid P6.7 billion for the property on December 19, 2019 and received a certificate of full payment from the Cebu government on the same date.
The Filinvest consortium won the public bidding held by the local government in July 2015 on the Lot 1 19.2-hectare property within SRP.
“We welcome the new developments and opportunities that Filinvest consortium will bring to SRP and to the City. The purchase payment will 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,” said Cebu City Mayor Edgardo Labella.
Filinvest plans to develop the property into a mixed-use development with residential, office, commercial and retail components.
The Filinvest Group said the development of the 19.2-hectare property would two projects in Cebu, namely the 40-hectare joint venture with Cebu City called City di Mare, and the 10-hectare Il Corso commercial development along Pond F of the SRP.
“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,” said Filinvest Development Corp. president and chief executive. Josephine Gotianun Yap.
“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 added.
The Filinvest Group is one of the country’s leading full-range property developers. It is one of the major investors in Cebu with residential, commercial, hospitality and business process outsourcing centers in the region.