Filinvest to push "eco-city" project at South Road Properties amid debate

By Ehda M. Dagooc (The Freeman) Updated June 22, 2009 12:00 AM



CEBU, Philippines - Despite the unending controversies hounding the Cebu City developed South Road Properties (SRP), real estate giant Filinvest Land Inc. (FLI) is bent on pursuing its P25 billion project in the area.
FLI vice president for the Visayas and Mindanao Tristan Las Marias said the company intends to break grounds for the SRP project early next year.
By year-end, FLI targets to finish the master plan for the entire 40-hectare lot that is covered by its joint venture with the Cebu City government.
The multi-residential development, he said will give Cebu City another landmark that will have an international flavor, as well as attract the local investors.
Under the contract of the FLI-Cebu City joint venture, the development master plan for the property is to be approved by the City Council within 10 to 12 months after the contract signing last February.
He said Filinvest has commissioned the services of foreign consultants and international master planners for the development design.
“We want the development to have an international flavor to sell it not just locally but also internationally,” said Las Marias.
As of this point, FLI has not committed a name for the project yet, he said adding that as per the company’s commitment to the City Council, the development will be mainly multi-residential type with medium rise buildings, condominium units.
FLI is riding on the bandwagon of developing environment-friendly buildings or “eco-cities.”

He described the FLI “eco-city” as having more pedestrian roads, central parks, its own school, church, central terminal, among others.
It will be a self-sustaining residential project,” he said.
“The deal is a good way for Cebuanos to feel proud. This is going to be the next global city in the Philippines,” he said.
The Cebu City government stands to earn from the outright sale amounting to P1.546 billion for the first three years, and from its 10-percent share in the sale of built-up units in the 40-ha area, or a minimum guaranteed return, whichever is higher.
The properties covered by the joint venture will be developed in 20 years, at 10-ha for a maximum of five years.
Las Marias said that FLI is open to talk to other developers that have plans to invest at the SRP to accommodate offices and businesses. He added that this will result in an integrated land use and a complimentary product mix at SRP.
He too assured that FLI is determined to push through its multi-billion peso residential project at the SRP as he is confident the political issues raised against the company’s investment there “have become fewer.
The Gotianun-led Filinvest Development Corporation, is one of the largest developers in the Philippines, developed close to 2,000 hectares of land in the last four decades, shopping centers, it also engaged in different businesses like banking (East West Bank), and projects like shopping centers, central business districts, high-rise offices, and condominiums, recreational farms, leisure clubs, industrial estates and an information technology park.
Excluding the investments put in its leisure group in Seascapes, Filinvest Land has already spent P5 billion in real estate developments in Cebu in the last three years. Combined, the company has put up close to P10 billion in investments in the last few years.