A consortium led by the Filinvest Group of Companies has fully paid the P6.7-billion purchase price for a 19.2-hectare lot at the South Road Properties (SRP).
Held simultaneously with the full payment was the signing of the Deed of Absolute Sale between the consortium and the Cebu City Government.
In a statement issued Wednesday, January 8, 2020, Filinvest said the consortium envisions to create a mixed-use development with residential, office, commercial and retail components.
"The type of development that will be introduced will complement the existing array of residential and lifestyle real estate options in our existing 40-hectare joint venture with Cebu City which is called City di Mare and the 10-hectare Il Corso commercial development along Pond F of the SRP," said L. Josephine Gotianun Yap, Filinvest Development Corporation president and CEO.
“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,” she added.
With the acquisition, Filinvest now has a total developable land size of around 70 hectares, the biggest property 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 developed the City Di Mare, a self-contained township with residential enclaves, workspaces and a 10-hectare waterfront retail strip called Il Corso at the SRP.
It also boasts of walkways, bike lanes and car-free zones that ensure pedestrian-friendly environs. On the day that the full payment was made, the Cebu City Council also passed a resolution ratifying the City’s acceptance of the purchase’s full payment. The same resolution granted authority to Cebu City Mayor Edgardo Labella to sign, execute and deliver the Deed of Absolute Sale and other documents necessary to implement the sale and turnover of the property, also known as Lot 1 of the 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,” Labella said. The consortium, composed of Filinvest companies and Sytengco-owned companies, won the public bidding held by the City in July 2015. The Filinvest Group includes Filinvest Land, Inc., Filinvest Alabang, Inc., and Cyberzone Properties, Inc. while the Sytengco-owned companies include Anesy Holding Corporation, Betterfield Phils. Corporation and Igold Holdings Corporation. (Ventures Cebu)