PROPERTY developer Filinvest Land Inc. plans to invest a total of about P10 billion in future projects in Cebu.
Jeffrey Badilles, Filinvest area sales head for the Visayas, said that one of the company’s future projects is a resort-inspired residential community in Barangay Mabolo, Cebu City.
He said Filinvest saw the need for additional projects as all its middle-end residential units in existing properties in Cebu have been sold out. He added that Filinvest’s future projects are meant to meet the demand from a mix of markets.
In Mabolo, Filinvest plans to develop a property near the Centre for International Education into One Oasis Mabolo, a one-hectare residential complex that will feature at least three five-level buildings. Each level will house 25 units of studio stype and two-bedroom units.
Filinvest hopes to attract expatriates, company executives and businessmen to purchase units at the One Oasis Mabolo.
Permits
Business development officer Louie Carandang said Filinvest is planning to start construction of the building in the first quarter of next year, once the company has secured all the necessary government permits.
Meanwhile, more than 60 percent of Filinvest’s Grand Cenia Condotel and Residences, on Archbishop Reyes Ave., Cebu City, have already been reserved by various individuals and by those who want to invest in Cebu’s tourism potential. Grand Cenia Condotel and Residences, located in front of Ayala Center, is Filinvest’s first high-rise project in Cebu.
Filinvest also reported that its 36-hectare Corona del Mar in Talisay City, Cebu has been sold out to foreigners, like Norwegians, Americans, British, and Russians who are married to Filipinos.
To take advantage of the growing market for residential property, Filinvest said it will expand Corona del Mar by developing five more hectares. The project will begin next month once the company has secured all government permits.
The real estate company is also constructing its Mactan Tropics 2 residential project in Agus, Lapu-Lapu City, which features 187 lots. Filinvest developed Mactan Tropics 2 after 185 units in its Mactan Tropics 1 in Basak, Lapu-Lapu City were sold out six months after the project’s completion.
Only 83 out of 500 units at Filinvest’s 10-hectare Aldea del Sol subdivision are unsold. The developer said 417 units in Aldea del Sol have been sold to middle-income families.
Expansion
Filinvest, though, is planning to expand Aldea del Sol by developing 1.6-hectares of land to accommodate 100 new units.
Carandang also reported that Filinvest’s 12-hectare seaside property, Seascapes Resort Town, has already attracted many foreign buyers, especially condominium units, even though it is under construction.
The P4-billion project is marketed through a shared ownership scheme, said said Filinvest business development officer for the Mactan cluster Jose Ryan Pecante. The project is expected to be completed in 2010.
Pecante said the combined investment cost of Filinvest projects on Mactan Island alone is roughly P5 billion.
Even with its current projects, Badilles said Filinvest continues to look for potential sites for property development in southern Cebu, including Talisay.
Filinvest, which has assets valued at P86.2 billion, has so far developed more than 1,800 hectares of land and created over 400,000 square meters of prime office, residential and retail spaces. (NRC)
