Citta Di Mare Fli kicks off construction of first residential cluster

CEBU, Philippines - Filinvest Land Inc., (FLI) officially started the construction of its first residential component called Amalfi Oasis at its 50.2-hectare integrated development Citta di Mare at the South Road Properties (SRP).

FLI vice president for the Visayas and Mindanao Tristan Las Marias announced that a total of 120 condominium units will be turned over to its owners by December 2011. The company already started accepting letters of interest from buyers, pending the project’s permit to sell from the Housing and Land Use Regulatory Board (HLURB).

The six-hectare Amalfi Oasis will have a total of nine medium rise buildings (five-story each). The company kicked off with the construction of the first building with a formal ceremonial ground breaking held over the weekend.

This early, the company according to Las Marias is already preparing for the construction of the second building, while it is already entertaining reservations for the next condominium buildings.

Of the total 40 hectare residential component, FLI expects to offer a total of 12,000 chic and seaside condominium units in Cebu to transform the way of lifestyle in Cebu by promoting resort living.

The Amalfi Oasis development is an Italian-inspired community, patterned after a development of the same name in Southern Italy.

Initially, FLI will incur about P3 billion in the next three years for the construction of both the residential and commercial components of the Citta de Mare.

Citta di Mare or “City by the Sea’ is a P25-billion project of FLI, which is a joint project with the Cebu City government. It is a master-planned community that intensifies the attraction-wealth of Cebu—the resort living.

Prices of the Amalfi Oasis condo units range from P5 million to as high as P10 million, Las Marias said that surprisingly, buyers who already signified interest to buy the units are 80 percent composed of Cebuano buyers, while 10 percent are foreigners, the rest are buyers from other provinces across the country.

Creating a City within Cebu City at the SRP is what will be expected in the next 15 to 20 years.

According to Las Marias, the development may be completed ahead of the target number of years, depending on the momentum of the take up of units.

Las Marias added that starting with the Amalfi Oasis, FLI will start pushing Cebu as the preferred second-home destination in the world, highlighting the resort living advantage with world-class facilities.

On the other hand, Las Marias expressed confidence that the City Government is already working on the relocation of the dumpsite located in Inayawan before the year ends.

He said that since the project is a joint venture with the City, he is optimistic that the government will take the appropriate action to further increase the marketability of the entire development. (THE FREEMAN)