Council wants update on SRP development

CEBU, Philippines - The Cebu City Council wants an update on the Joint Venture Agreement entered into by the city government and Filinvest Land Inc. for the development of a portion of the 300-hectare South Road Properties.

The joint venture agreement was sealed in 2009 and Filinvest is set to develop 40 hectares of the identified lot in SRP phase by phase within the next 20 years. Several medium-rise condominiums will rise in the first 10 hectares of the joint venture area. The whole 40-hectare joint venture area plus the 10-hectare lot purchased by Filinvest will be the home to its Citta di Mare, which literally means a City by the Sea.

In November last year, Filinvest broke the ground for the development within the first 10 hectares which is called the Amalfi Oasis at the Citta di Mare. Amalfi Oasis is named after its inspiration, a seaside town in Italy.

There will be at least 12 medium-rise buildings with five floors to rise in the Amalfi Oasis. Filinvest earlier reported that at least three buildings with 150 units have been sold out even before the actual construction begins.

The city gets a share or about P80,000 for every unit sold.

The whole concept of the Citta di Mare is a “waterfront lifestyle strip and a residential resort town bounded by majestic views of Mactan’s coast and Cebu’s mountainous areas,” according to the Filinvest SRP Group.

It will be divided into the residential clusters and the piazza.

The piazza will have a school, a church, retail shops and fine dining restaurants. There will be a terraced beach for sand and water sports and a boardwalk, among other developments.

During last Wednesday’s regular session, the city council approved the release of the title of the Lot-4 Pond F as requested by Filinvest.

The city is set to release the title for Lot 3-Pond F which covers an area of 20,000 square meters but Filinvest opt to get the title for the Lot 4. The city did not object since Filinvest was able to deliver its third payment amounting to P255.5 million last March 8. —