The Filinvest consortium completed on Wednesday its acquisition of the 19.2-hectare property in South Road Properties (SRP) from Cebu City for PHP6.7 billion.
The consortium, composed of Filinvest companies and Sytengco-owned companies, signed a deed of absolute sale with the Cebu City government for the acquisition of a parcel of land, referred to as Lot 1, in 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, L. Josephine Gotianun Yap, Filinvest Development Corporation president, and chief executive officer, said in a statement.
For this property, Filinvest is looking to create a mixed-use development with residential, office, commercial and retail components.
The type of development that will be introduced in the 19.2-hectare property will complement the existing array of residential and lifestyle real estate options in its 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.
City Di Mare is in a self-contained township with residential enclaves, workspaces and a waterfront retail strip. It also boasts of walkways, bike lanes and car-free zones that ensure pedestrian-friendly environs.
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.
She added Filinvest is thankful of the city's support to investors and commits to remain a solid partner as Cebu City emerges as a top rank investment destination not only in the country but throughout Asia.
Filinvest is one of the major investors in Cebu with residential, commercial, hospitality and business process outsourcing centers in the region.
Cebu City Mayor Edgardo Labella said: 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 a business-friendly environment that has made us one of the top investment havens in the Philippines.
Source: Philippines News Agency