CEBU, Philippines - The Filinvest Group announced it would start building its six-tower high-end residential project in Lapu-Lapu City in the second or third quarter of this year with an initial investment of P4 billion.
Filinvest Development Corp. president and chief executive Josephine Gotianun-Yap said the firm would continue to build projects that would positively contribute to Cebu’s local tourism and economic progress.
“[The company] has a long partnership with Cebu. We started in the 1960s when we pioneered residential developments in the Queen City of the South,” the official said on Saturday when the company launched its two-hectare Serulyan Seascapes Mactan, a high-end condo project. This is located near the company’s Crimson Hotel in Mactan.
She said this is FDC’s newest premier project and is under its property development subsidiary Filinvest Alabang Inc.
Filinvest City project head Don-Don Mari Ubaldo said the firm targets to complete the first 65-unit tower serviced apartments in 2018. The six towers will have a total of 581 units.
“We’re looking at towards second or third quarter of this year,” Ubaldo said of the start of the project’s construction. “For the completion [of the whole development] we’re still in the planning stage.”
He expressed optimism on the growing high-end property buyers in Cebu especially those who put premium on convenient condo living.
For her part, Lapu-Lapu City Mayor Paz Radaza who joined Filinvest officials in the event said the recent property developments in her city has made it more inviting to tourists.
Radaza said the investors’ decision to venture in Lapu-Lapu City among other investment places would further spur the local and national economy.
“Investors are coming into our city to establish their businesses… You’ve made the right decision in making Lapu-Lapu City a place for your investment,” the city official said. — Carlo S. Lorenciana (FREEMAN)