Rama: Rallos claim won't hurt CH-FLI joint venture

CEBU, Philippines - Cebu City Mayor Michael Rama assured the clients and prospective buyers of the multi-billion Joint Venture Project of Filinvest and the city government at the South Road Properties that there is no reason to be bothered by the claims of the Rallos heirs.

“I am one hundred percent sure that this will be settled. We did not make this joint venture just to be troubled by the Ralloses,” Rama said.

He said that their understanding of the writ of execution does not give the Ralloses any right to choose which property, granting the city recognizes their obligation to pay, the city government must give up to satisfy their claim.

He said they have been comparing opinions with legal luminaries in the national and so far they do not see a reason to waver.

Tristan Las Marias, Filinvest Land Inc. First Vice President and Visayas and Mindanao Project Head, said that the 9.7-hectare lot at the SRP that the court sheriff threatened to auction is not part of the lot they are developing.

Las Marias said that the Amalfi Oasis and the Sanremo Oasis are in lots 1 and 2 respectively, while the lot that the court threatens to levy is in lot 3.

Amalfi Oasis and Sanremo Oasis are residential clusters to rise in the 40-hectare joint venture project of FLI and the city government.

FLI yesterday reported to the city their accomplishment so far in the joint venture agreement.

Las Marias said that two buildings of Amalfi Oasis designed for middle-income interested buyers may be ready for occupancy by February next year.

The structures are already there while the architectural works shall begin this month. So far, many interested buyers have pre-ordered or reserved a unit or two.

FLI have started accepting reservations but is selling yet pending the license to sell they applied before the Housing and Land Use Regulatory Board.

FLI has also started the earthworks at the Pond F which covers 10 hectares of SRP lot they bought from the city government. The 10-hectare lot in Pond F is not part of the JVA but is part of the 50.6-hectare Citta de Mare (City by the sea) project.

The 10-hectare lot will be called the Il Corso which will be the commercial area of Citta de Mare. There will be over 200 food and beverage and retail shop leasable units fronting the sea. Its target completion is on the first quarter of 2013. (FREEMAN)