Filinvest eyes more horizontal projects in Cebu

Filinvest Land Inc. express its intent to pursue more horizontal projects in Cebu when it recently unveiled its newest medium-rise residential development in Metro Cebu called the One Oasis Mabolo.

Filinvest Land Inc.'s area sales head for the Visayas Jeffrey Badilles said in an interview that their latest project is dubbed the new "oasis" in the middle of the city as it is intended for urban individuals and starting families who want to get away from the stifling and fast-paced world.

Located in Barangay Mabolo, One Oasis Mabolo will be composed of nine five-story buildings, according to Badilles.

 With project cost estimated around P1.4 billion, FLI is set to launch One Oasis Mabolo through a groundbreaking ceremony this December.

The project’s construction will officially start around the first quarter next year either in February or March with Building 2 which will house around 130 units.

All units in One Oasis Mabolo are targeted to be turned-over to the owners by February 2010.

Building 2 will have studio type units with one bedroom and two bedrooms that are "reasonably priced" and can be availed at easy financing options, he said.

The price of each unit is dependent on the design as a studio-type unit measuring 22 square meters cost around P1.2 million while a one-bedroom unit with a total area of 35 square meters is priced at P2.3 million and a 40-square-meter two-bedroom unit is priced at P2.4 million.

At the height of current economic crises, Filinvest has tied up with banking institutions to aid interested home buyers to afford the units offering up to 11 percent interest rates per annum, said Badilles.

"We want our buyers to enjoy the low interest rates offered by banking and financing institutions such as Pag-Ibig," he said.

One Oasis Mabolo will have resort amenities such as children and adult pools, jogging and walking paths, multipurpose clubhouse, and elevators for each home cluster, a basketball court, and a kid’s play area.

Badilles explained that the concept of their medium rise development is like “"living in a condo but with a feel like you’re living in a subdivision."

After it was presented to interested buyers, One Oasis Mabolo already received about P84 million worth of reservations, which Badilles said shows that Cebu's real estate market remains unaffected with the current global economic meltdown.

FLI has spent around P250 million to P300 million for the their land acquisition and so far, they have already developed a total of 50 hectares of raw land in Lapu-Lapu City and 3.7 hectares in Talisay City.

Among other investments of Filinvest in Cebu include the Grand Cenia Condotel and Residences at the Cebu Business Park, the high-end Corona del Mar in Talisay and the resort community Seascapes in Mactan. — Rhia de Pablo