Filinvest gets last title on 10.6-hectare SRP lot-A A +A
Saturday, March 16, 2013
UPON getting the last title for the 10.6-hectare lot at the South Road Properties (SRP), Filinvest Land Inc. (FLI) gave the Cebu City Government P234.8 million.
The turnover was done in the office of Mayor Michael Rama last Thursday afternoon.
The City was represented by Rama, City Administrator Jose Marie Poblete, City Attorney Joseph Bernaldez and City Treasurer Emma Villarete while FLI was represented by its vice president for Visayas and Mindanao, Tristan Las Marias.
An official of the Land Bank of the Philippines was also there to turn over the last title to FLI.
The bank, as the original borrower of the Japan International Cooperation Agency loan that financed the reclamation project, is the custodian of the SRP titles.
Rama said the City Government will still get a share of the sale of FLI's Citta di Mare property.
City Hall gets 10 percent from the gross sales of the 40-hectare residential condominium complex at the SRP.
Rama said he will check with Poblete on the supposed opening of the books of FLI's sales.
The P234.8 million payment and the projected P1-billion share from the Citta di Mare joint venture were among the sources of funds for the proposed 2013 budget.
The joint venture projection was questioned by the City Council, though, because there is no document that states how many units have been sold by FLI. This will be determined during the opening of the books.
The 10.6-hectare FLI property that was fully paid will be developed into a commercial complex called Il Corso.
Published in the Sun.Star Cebu newspaper on March 16, 2013.