Filinvest to pay city P338 million on Thursday (South Road Properties)

Updated March 03, 2009 12:00 AM



CEBU, Philippines – Instead of today, Filinvest Land Inc. will hand over the P338 million first payment of its joint venture agreement for developing 50.6 hectares of the South Road Properties on Thursday.

Cebu City Hall still needs to finalize the technical description of the lots at the Department of Environment and Natural Resources.

One or two titles will be turned over to FLI, which will convey an initial two hectares as a result of the first payment.

The mother title of the 10-hectare outright purchase will then be taken from the Land Bank of the Philippines to be brought to the Registry of Deeds.



After that the remaining eight hectares will join the 40 hectares to be placed on an escrow account.

The 40 hectares are the first part of the contract that will be developed under a joint venture agreement.

Cebu City acting vice mayor Hilario Davide III yesterday met with city administrator Francisco Fernandez and acting mayor Michael Rama on whether a resolution is needed for the conveyance of the titles alongside the payment.

But Fernandez said a resolution is no longer needed since the contract signed last January was already all-encompassing.

“The moment the contract was signed, it was already a ‘catch all’, the mayor is already authorized to sign the Deed of Sale and others, which are consequences of the contract,” Fernandez said.

FLI is the SRP’s first sale since its reclamation was completed in 2005. In the next six months FLI will start to develop infrastructures.

The memorandum of agreement for the Visayan Electric Company for power distribution at the SRP is already set for discussion by the City Council tomorrow during its regular session.

The document for the creation of a Joint Venture Selection Committee to deal with the proposal of Pilipinas Water Resources Inc. for water supply is already with Rama awaiting his signature. — Ferliza C. Contratista/BRP (THE FREEMAN)