Filinvest earmarks P10B to finish Cebu projects

Bullish with the prospects of Cebu as a flourishing market for real estate investments, Filinvest Land Incorporated of the Gotianun group, one of the country’s biggest property developers, is currently embarking on multi-billion development projects in Cebu.

In a recent press luncheon at the Grand Majestic, Filinvest presented their existing and upcoming projects in the area that include two vertical developments in Cebu City, three residential projects in Mactan and a seaside development in Talisay City.

Atty. Jeffrey C. Badilles, Filinvest Land Inc.’s Area Sales Head-Visayas said that around P10 billion worth of initial investments will be spent by the company to complete all their projects here in Cebu.

Badilles said that this shows their company’s confidence in investing in the area especially that they have gained positive feedbacks from the market when they first penetrated Cebu in 1997.

Filinvest Land Inc. has been around for 50 years in country’s property business and has generated around P30 billion in equity and a land bank of 2,608.5 hectares creating over 400,000 square meters of prime office, residential and retail spaces.

The company is currently developing its first condotel project in Cebu called as the Grand Cenia Condotel and Residences that is composed of 25 stories located at the Cebu Business Park.

Filinvest business development officer Louie Carandang explained that this project is intended to help address the growing demand for hotel rooms in Cebu in the next five years or so in line with the city’s growing business environment.

Grand Cenia offers two products: condotel and residential condominium and the company earmarked more than P2 billion for this project.

Another upcoming project within the city is the One Oasis Mabolo, a medium rise residential building that aims to create a community within the city that is targeted for young professionals, expats and start-up families

The company is also undertaking a high-end resort town project with Seascapes, a 12 hectare development that offers seaside lots, condos, villas and casitas that is targeted to be completed by 2010.

Another high-end project includes the 5.3 hectares Mactan Tropics 1 and four hectares Mactan Tropics 2, a twin project that offers a location nearby work places at the Mactan Economic zones and other commercial districts within the area.

Meanwhile Aldea Del Sol, the company’s middle income, 10 hectare lot development with an investment worth P500 million offers around 500 units.

Filinvest also has an existing seaside development project in Talisay called as Corona del Mar that sits on an 8 hectare lot.

After all units have been sold out, Badilles announced that they will be having a five hectare additional expansion in the property to cater to the increasing demand of leisure developments from foreign markets as well as from families of overseas Filipino workers.

Badilles said that aside from their multi billion projects in Mactan, Talisay and in Cebu City, Filinvest is looking at future projects in the South and they are aggressive in looking at properties to develop.

“As property developers who are in the business for over a long time, we are very bullish of our expansion in Cebu as we are continuously reaping positive responses from the market with all our projects. Cebu is a melting pot for Visayas and Mindanao and we are looking at bringing the full line of our business here to cater to Cebu’s entire market segment,” he said.