Filinvest marks start of Il Corso construction-A A +A
Thursday, October 31, 2013
FILINVEST Land, Inc. (FLI) yesterday held its first concrete pouring to mark the start of the construction of Il Corso, the company’s first commercial center in Cebu and its first retail development outside Metro Manila.
FLI officials were in Cebu yesterday to hold the concrete pouring ceremony for Il Corso, which sits on an eight-hectare property in the South Reclamation Properties.
It is set to open in the last quarter of 2015 with a 11 connected buildings to stand by that time. Il Corso has a gross floor area of 70,000 square meters and a gross leasable area of 36,000 square meters.
It positions itself as Cebu’s “shopping haven by the sea” where it will house shopping, dining, and recreation centers.
FLI senior vice president for commercial center and retail management Joy Polloso said in an interview yesterday that FLI invested P3 billion for the project.
On Nov. 8, Il Corso’s first interim tenant, Lantaw Restaurant, will open. It sits on a 1,000-square meter lot with indoor and outdoor seating for about 300 diners.
Polloso said the restaurant will also serve as venue for Cebuanos to witness the continuing development of Il Corso.
A series of activities is also being looked into to pique the interest of people on the development.
“While we are building, we want to drive that excitement and allow them to get used to visiting the place,” Polloso said.
Meanwhile, FLI is also constructing retail centers in Tagaytay and Cavite with the same gross leasable areas as that of Il Corso.
Polloso said FLI is strengthening its retail portfolio in the next two years. Its BPO buildings will also incorporate the retail component.
“We are doing this because we’re catching up, the opportunity is there. We are one of the biggest real estate developers in the country, but in terms of retail we have not gone beyond Filinvest Alabang for so many years. Right now, the thrust is to bring in the retail component,” Polloso said.
Filinvest Alabang or the Festival Supermall was opened in 1998 in a 20-hectare property in Alabang, Muntinlupa City. Festival Supermall is said to be biggest mall in the south of Metro Manila. It is currently being expanded and is expected to double its size in 2015, said Polloso.
“After the completion of festival expansion, we will become the fourth largest in Metro Manila,” she said.
FLI is the real estate firm subsidiary of Filinvest Development Corp. of the Gotianun family. It is in the business of developing residential and commercial projects across the country.
Published in the Sun.Star Cebu newspaper on November 01, 2013.