THE Cebu City Government is set to collect more shares from its joint venture agreement with Filinvest Land Inc. (FLI) in developing a 40-hectare property at the South Road Properties (SRP).

With the topping off of the third building of City de Mare, a residential community developed by FLI, Allan Alfon, the company’s vice president, said the City can collect more guarantee fees from the sale of condominium units.

“Based on the joint venture agreement, we are very religious and consistent in remitting the share of the City,” he said.

Alfon said FLI already conducted a pre-selling of condominium units at the Building 3 but has yet to remit the City its share because full payment of the amount is needed.

The developer is expecting to turn over 147 units of Building 3 to its homeowners towards the last quarter of 2016.

Under the joint venture project, FLI is set to construct nine condominiums at the 40-hectare lot.

The City Government and FLI entered into a joint venture agreement last Feb. 3, 2009.


Present during the topping off ceremony yesterday were Mayor Michael Rama and Vice Mayor Edgardo Labella and officials from FLI.

Rama and Labella went around the residential community to check the project.

Aside from Building 3, Buildings 1 and 2 of City de Mare were already completed and sold.

Last March, City Treasurer Diwa Cuevas said FLI paid a P1-billion guarantee fee to the City for the sale of the condominium units at Buildings 1 and 2.

Aside from the joint venture project, FLI also bought the 10-hectare Pond F in SRP, which was developed into a commercial and lifestyle hub.

Also last March, Alfon turned over to the City officials the P141.8 million check as the company’s last payment.

The amount served as the full payment for the P1.79-billion Pond F.

“We are looking forward for more partnership with the City Government,” Alfon said.