FILINVEST Land Inc. (FLI) paid an additional P72.5 million to Cebu City Hall yesterday so it can begin the construction of its project in the South Road Properties (SRP) in early May.

It got the title for a 2.6-hectare area in return.

"The Manny Pacquiao Blog". Click here for stories and updates on the Filipino boxing champ.

FLI vice president Tristan Las Marias turned over the check to City Administrator Francisco Fernandez yesterday mor-ning, as Mayor Tomas Osmeña approved FLI’s development plans.

The P72.5 million is in addition to the P269.5 million that FLI paid last Feb. 24 as second payment for the 10.6-hectare Pond F that it purchased.

An additional amount was paid because FLI changed the starting point of its construction, choosing Lot 5 instead of Lot 2, and plans to accelerate development in other areas of Pond F “to generate the much needed traffic to make SRP the new destination landmark in Cebu and to make the medium-rise buildings project across more saleable.”

Las Marias said they will break ground before the May 10 elections and immediately begin construction of six medium-rise buildings on a 10-hectare portion of the 40-hectare joint development area, which is part of the Joint Venture (JV) agreement with the City.

They will also start developing the 10.6-hectare Pond F that is known as the sale properties in the agreement. Pond F is in front of the joint development area.

It will include the commercial and retail complexes, a 2,000-square-meter tent for exhibition activities and the white-sand beach promenade area.

“We have just turned over the P72.5-million additional payment, so the groundbreaking will come next and we have to start developing and selling the properties. The target is before the election,” las Marias said yesterday.

After the turnover of the check to Fernandez, Land Bank of the Philippines (LBP) officials also turned over to las Marias the title for the 2.6-hectare portion of Pond F.

Plans

Five titles of lots in Pond F were placed on escrow with LBP, and will be turned over to FLI each time it pays the City. As stated in the joint venture agreement signed by the City and FLI officials in March last year, FLI will pay for the 10-hectare area on installment every March for six years.

Two titles have so far been turned over to FLI, Fernandez said.

The first title was released in March last year, when FLI paid the City some P348 million as first payment for the P1.59-billion Pond F.

Based on FLI’s development plan, commercial and retail complexes, a 2,000-square-meter exhibition tent, a boardwalk with fine dining restaurants and fastfood outlets will be constructed in Pond F, the 1.1-kilometer stretch of seafront lots in the SRP.

On the 10-hectare joint venture area, six medium-rise residential buildings and a four-hectare central park will be constructed to form part of the 40-hectare Citta di Mare, which is Italian for “city by the sea.”

During the session last Wednesday, the City Council approved the resolution authorizing the mayor to approve the development plans and the advance payment of P72.5 million.

The council also approved amendments to the JV agreement, since the second installment for Pond F lots increased by P72.5 million as a result of changes in FLI’s development plans. (LCR)