The Filinvest Group has partnered with the Sytengco Group in acquiring a 19.2 -hectare property in South Road Properties (SRP) in Cebu for P6.7 billion.
The parties signed a deed of absolute sale with the Cebu City government for the property last month, after winning the bidding for the property.
The Filinvest consortium is made up of Filinvest Land, Inc., Filinvest Alabang Inc., and Cyberzone Properties Inc. while the Sytengco-owned companies include Anesy Holding Corp., Betterfield Philippines Corp., and Igold Holdings Corp.
Filinvest in a statement said the City Council of Cebu also passed a resolution, Sangguniang Panlungsod Resolution No. 15-1665-2019 ) ratifying the city’s acceptance of the purchase’s full payment and granted authority to Mayor Edgardo Labella, to sign, execute and deliver the deed of absolute sale and other documents necessary to implement the sale and turnover of the said property.
Filinvest said it is looking to create a mixed-use development with residential, office, commercial and retail components.
“The type of development that will be introduced in the 19.2-hectare property will complement the existing array of residential and lifestyle real estate options in our existing 40-hectare joint venture with Cebu City which is called City di Mare, and the 10-hectare Il Corso commercial development along Pond F of the SRP,” it said.
City Di Mare is in a self-contained township with residential enclaves, workspaces and a waterfront retail strip. It also boasts of walkways, bike lanes and car-free zones that ensure pedestrian-friendly environs
“We were the first investor in SRP, the first to see its high growth potentials, and the first to believe in it. We are very happy with the fulfillment of this acquisition,” said Josephine Gotianun Yap, president of Filinvest Development Corp.
“We now have a total developable land size of around 70 hectares which is the biggest share owned by any developer in the SRP. We are excited about what we can develop given the large size of land we have and influence the trend and development directions in SRP to maximize its growth potentials.” Yap added.