Filinvest to pay city P338 million next week

CEBU, Philippines - Filinvest Land Inc. will turn over the P338-million first down payment check to the Cebu City government on Tuesday.

The P338 million is part of the payment for the 10.6-hectare lot at the beach front of the South Road Properties which FLI is buying as an outright purchase after a joint venture agreement signed by both parties last month.

The down payment is pursuant to the provisions of the contract for FLI to make the first payment 30 days after the signing.

Two titles will be turned over to FLI by the city in exchange for the down payment.

The other part of the contract includes the 40 hectares under joint venture assuring the city an income share from the number of units developed and sold by FLI.

The total cost of the FLI project is P25 billion in 25 years.

The city will also create another joint venture, this time for the water utility provider for the entire 302-hectare SRP.

Acting Mayor Michael Rama is set to compose the Joint Venture Selection Committee to tackle the unsolicited proposal of Pilipinas Water Resource Inc.

Water and electricity, city administrator Francisco Fernandez said, had to be finalized the soonest since FLI is set to develop the first phases of the two areas for the next six months.

FLI will construct a cluster of high-rise buildings on the seafront, medical and retirement facilities, commercial and residential buildings and office spaces.

It is the city’s first sale of the SRP in three years. — Ferliza C. Contratista/BRP (THE FREEMAN)