Filinvest consortium completes ₱6.7-B Cebu land purchase
The Filinvest consortium and Cebu City finally completed the sale of the 19.2 hectare property in South Road Properties with the full payment of P6.7 billion and the signing of the Deed of Absolute Sale.
The Filinvest 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 19.2-hectare parcel of land, referred to as Lot 1, in Cebu’s South Road Properties (SRP).
The consortium fully paid the ₱6.7 billion property last December 19, 2019 and likewise received a certificate of full payment from the City of Cebu on the same date.
The Filinvest consortium won the public bidding held by the City last July 2015 for the purchase of the said Lot 1 19.2 hectare property within SRP.
The Filinvest consortium is made up of 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.
“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,” said Cebu City Mayor Edgardo Labella.
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 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.
“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 Corporation President Josephine Gotianun Yap.