The Ramos family of the National Bookstore chain has quietly sold its idle but prime 1.2-hectare property located at the corner of Edsa and Aurora Blvd. in Cubao, Quezon City to Filinvest Land Inc.
Former Filinvest Land president Joseph Yap, husband of current FLI president Josephine Gotianun-Yap, said the company purchased the lot for close to P1 billion.
The Ramos family initially wanted to auction the lot, after several property companies expressed interest in acquiring the idle land. Yap said Filinvest Land ended up negotiating with the Ramos group to acquire the property.
FLI now plans to transform the property into a mixed-use development that will likely have residential, commercial, office and hotel components. The project could also be one of the transport-oriented hubs that FLI will develop in Metro Manila.
The Ramos family, meanwhile, is also selling another three-hectare lot in Pasig City for about P1 billion. The family is disposing of more properties in the second half to take advantage of the booming real estate industry.