FILINVEST Land Inc. (FLI) is going to spend an estimated P60 million for the development of its first economic housing project in Cebu in Lapu-Lapu City.
On Nov. 7 this year, FLI will break ground on Futura Homes, its economic to mid-income house-and-lot project in a 4.6-hectare property in Marigondon, Lapu-Lapu City.
Archie Igot, FLI project development officer for housing and medium rise buildings, yesterday said Futura Homes will have 239 housing units to be offered to the local market at prices between P1.6 million and P1.9 million.
Completion of Futura Homes is slated on the first quarter of 2017.
Futura Homes is FLI’s sixth horizontal project in Cebu after Sunrise Place Mactan, a socialized housing development with 633 units.
While the firm is actively selling its condominium projects, it will not lose focus on expanding its horizontal portfolio, which is the company’s core business since its entry into real estate industry, Igot said.
“Futura Homes will become our model project that will be used as we expand our horizontal developments in the next five years,” said Igot, adding that FLI is already running out of inventory for house and lot projects.
While majority of Cebu’s housing backlog is 80 percent socialized housing, Igot said economic housing is gaining ground.
“A lot of buyers are looking for affordable housing but with bigger spaces,” he said. Expansions for FLI house and lot projects in Cebu will start in the middle of 2016.
The company has roughly 2,100 units for house and lot projects.
FLI is already in talks with more land acquisitions in areas like Minglanilla, San Fernando and Carcar for the south; and Liloan to Compostela for the north.
Likewise, the firm is also looking for bigger properties.
“We already have landbanking initiatives but we are also looking for another big property, a 25-hectare property for our township residential development in Mactan,” said Igot.
FLI is also expanding its presence outside Cebu to neighboring islands of Dumaguete and Bacolod.