FLI to start work later this year-A A +A
Friday, March 11, 2011
THE Cebu City Government yesterday received P255.5 million from Filinvest Land Inc. (FLI) for the 10.6-hectare waterfront lots it purchased at the South Road Properties (SRP).
The amount was the third of six installments, and FLI got its third title for the lots on Pond F.
Five titles have been placed on escrow with the Land Bank of the Philippines (LBP) and will be turned over to FLI each time it pays the City.
FLI makes the installment payment every March for six years, as stated in the joint-venture agreement signed by City Hall and FLI officials.
Meanwhile, FLI vice president Tristas Las Marias followed up on the availability of the certification that the Department of Environment and Natural Resources has no jurisdiction on the area of water within 500 meters of the SRP coastline and that this is under the Municipal Waters Territory of Cebu City.
Las Marias said the certification was required upon their payment.
Mayor Michael Rama, when asked if the City has complied, said “everything has been taken care of.”
Within the second quarter of this year, Las Marias said FLI will start with the groundwork and the construction of the seaside beach promenade commercial project.
“We estimate that the first batch of commercial shops and promenade walk will be available for public use by third quarter of 2012,” he said.
FLI also plans to build commercial and retail complexes, exhibition tents, a boardwalk with fine dining restaurants and fastfood outlets.
Roberto Vasquez of the Cebu Investment and Promotions Center (CIPC) said also they plan to develop 10 hectares across the property of Bigfoot into an industrial zone.
Vasquez, in an interview yesterday, said there are at least five investors from China, the US and Japan who are willing to invest in the area.
Vasquez said the Japan International Cooperation Agency is willing to help the City market the proposed industrial zone.
He said CIPC is preparing the development plan and hopes to start implementing it within this year.
Published in the Sun.Star Cebu newspaper on March 11, 2011.