Filinvest Land breaks ground for Cebu project

MANILA, Philippines - Filinvest Land Inc. (FLI), the property development arm of tycoon Andrew Gotianun, has broken ground on the first of its proposed mid-rise building (MRB) communities at the 50.5-hectare Citta De Mare in the South Road Properties in Cebu.

In a disclosure to the Philippine Stock Exchange, FLI said the first MRB project, to be called Amalfi Oasis, will house 10 to 12 buildings, offering a total of 150 units, which are slated for delivery to buyers by the end of 2011. Citta De Mare is under a joint venture agreement with the Cebu City government.

By February 2011, FLI targets to break ground on San Remo Oasis, its second project in Citta de Mare. It will have a total of eight buildings, with the first having 130 units.

Aside from the Citta de Mare, FLI will also put up a MRB project in Mabolo, Cebu called One Oasis Cebu. The first building is already being turned over to buyers, while the second will be ready for turnover starting the end of this month. The first two buildings have a total of 220 units. Construction of the third building is targeted to start within the first quarter of next year.

FLI is also scheduled to break ground this Saturday on Sunrise Place Mactan, a four-hectare socialized housing project offering a total of 600 units.

Meanwhile, construction at the Grand Cenia Hotel and Residences is in full swing with the civil and structural works almost complete, while the architectural and interior works about 50 percent complete. This project is on track for turnover to buyers of the condominium units and the condotel rooms for hotel/room preparation by June 2011.

This 25-story project has two floors earmarked for BPO office space, and has 115 condominium units and 432 condotel rooms.

In the nine months that ended September 2010, FLI launched P7.6 billion worth of projects covering three new socialized housing projects and 15 additional phases of existing projects. This is 43 percent more than the estimated sales value of projects launched during the same period last year.

For the last quarter of the year, FLI plans to launch three new projects and two additional phases of existing projects worth an estimated P2.6 billion, which will bring the total value of projects launched in 2010 to P10.2 billion, 58 percent more than the value of projects launched in 2009.