Filinvest advances P269M second payment for SRP

CEBU, Philippines - Filinvest Land Inc. (FLI) has advanced its second payment worth P269.5 million to the city government last Wednesday instead of March 6 which is among other minor adjustments it will be implementing in the development of the South Road Properties lot it bought last year.

Mayor Tomas Osmeña said that when Filinvest proposed another plan for the SRP with a slight difference from the original agreement, he right away granted the company’s request “because I don’t want to give them a hard time.”

“As they pay, we turn over titles to them. With regards to the minor adjustments, it’s like saying they want to start developing to the left side instead of the right as originally planned,” Osmeña said.

FLI, last February 10, wrote a letter to the mayor noting its proposal for the release of the titles of Phase 4, instead of Phase 2 as it wants to start the development, marketing and selling of the medium-rise building residential condominium clusters in the lot parcels identified as Phase 4 which is within the 40-hectare joint venture area.

“Our master development plan for the joint developed properties requires that we start our development of MRB residential clusters in an area near of beside the main or central open space of the entire project and right across the proposed University of the Philippines SRP campus,” said FLI’s vice president Tristan las Marias in a letter addressed to the mayor.

“The closeness to the school, together with our flexibility to simultaneously develop portions of the open space (the church and central piazza), will lend premium to our product and make it more attractive in the market,” las Marias added.

FLI also needs to construct interim commercial complexes along Pond F “to generate the much-needed traffic to make SRP the new destination landmark in Cebu and make our MRB project across more saleable.”

The commercial retail complex which will be situated within lots 3, 4 and 5 of the Pond F purchased portion will include retail mall, exhibition tent, sand-shored promenade or white beach, a hypermart and a home depot complex.

Osmeña said that there will be no change in price and in terms of the agreement so he is supporting the plan.

“I’ve been to the real estate myself. It’s a very basic strategy,” he said. “My policy is simply, we have to demonstrate in the whole world that Filinvest makes money in the SRP.”

He said he also wants to maintain the reputation among investors that the city is not difficult to deal with.

“I want to tell investors that to do business in Cebu City is easy, simple, clear and they will be making a lot of money,” Osmeña said. — Jessica Ann R. Pareja/WAB    (FREEMAN NEWS)