Dev’t of City di Mare on track — developer

Filinvest Land, Inc. (FLI), led by the Gotianun family whose roots can be traced to Cebu, feels strongly in investing in Cebu’s development and contributing to its progress as one of the fastest growing economies in the country. FLI is the pioneer investo

Since the signing of the JVA, FLI has already completed the land development and established the major road networks within the 40hectare property. It has also completed Phase 1 consisting of residential clusters— Sanremo and Amalfi. Filinvest has also developed the city's first seaside lifestyle mall in SRP aptly called Il Corso.

“Being the first real estate company to invest in SRP, FLI has spearheaded the development in the area. We have pump primed the area with FLI’s vision of a township quality residential clusters is now coming to fruition. We now have a total of 10 residential buildings for both Sanremo and Amalfi, which are all ready for occupancy. The development of these residential projects has helped attract investment interest and increase the land value at SRP compared to its value prior to the JVA,” Tristan Las Marias, Filinvest Senior Vice President for Visayas Mindanao Cluster said.

Filinvest also underscored the timely completion of the amenity areas of both projects as it looks forward to having additional buyers occupy their purchased units and experience the company’s commitment to a sea-side resort living.

“With this progress, Filinvest has already remitted almost P6 Billion for the purchase of land at SRP as well inclusive of the more than P1.0B to the city representing the fixed minimum guarantee for Phase 1. A portion of this is an advance payment for future collections and remittances due to the city representing its shares from the joint venture. Cebu City representatives have access to the JVA’s accounting records. Regular meetings have been conducted between JV partners to review and reconcile the project’s collection performance and remittances due to the city. We are happy that the city is earning additional revenues from the JVA to help raise the necessary funds to support the basic services to its constituents,” Las Marias added.

The development of 23 hectares for Phase 2 has commenced with lowrise buildings and additional residential clusters. “We are on track with the schedule as specified in the JVA. The township road networks are fully built, streetlights are fully operational, street scape is in full swing and the park inside the township is fully completed.”

He stressed that with the continuous sales growth, the city government can rest assured that it will receive its rightful revenue shares from the JVA and from other Filinvest projects throughout Cebu.

FLI also underscored the recent Writ of Kalikasan issued by the Supreme Court against the illegal dumpsite at SRP. “We welcome this development as this will really benefit not just SRP or City di Mare but every Cebuano. This will further boost SRP’s image as a sound investment. With the developments happening inside City di Mare and the upcoming infrastructures and businesses inside SRP, more investors are seeing the high potential and promising returns to their investment, making Sanremo and Amalfi now a sought-after address in Cebu,” Las Marias added.

He further noted that FLI looks forward to the various infrastructure projects that the city has committed to undertake as part of its JV. The City still needs to put on the pipeline such as the roads surrounding the JV blocks as well as the SRP Bus Rapid transport that would allow access to public transportation at SRP and the road connection to Pardo St to decongest traffic in the area.

“We look forward to and commend Cebu City Government’s continuous efforts to deliver its commitment to the JVA by providing an efficient public transport in SRP thru the implementation of BRT, opening of more access roads to Pardo to decongest traffic, construction of SRP wide drainage system, implementation of underground utility corridors to provide stable and fast internet service and more other complementing infrastructures to boost further the Joint Venture properties, Las Marias said.