GOTIANUN-LED property firm Filinvest Land Inc. (FLI) has rescinded its purchase of a 19.2-hectare property in the 300-hectare South Road Properties (SRP) in Cebu City which it won through a public bidding in June 2015.
Filinvest said the city government of Cebu failed to comply with several conditions that it was required to fulfill more than a year ago, despite ample extensions given.
The company said the city does not appear to be able to comply within a foreseeable reasonable period of time, which prompted it to rescind the land purchase pursuant to Section 5.7 of the sale document.
“In a meeting held earlier today with the City, Mayor Tommy Osmena said that he interposes no objection to the joint letter to rescind sent by Filinvest and that he has tasked City officials and Filinvest representatives to work out the details and processes to consummate the rescission,” FLI said in a statement on Monday.
“Filinvest expressed its continued commitment to Cebu. The company is going full blast with its projects, including the joint ventures with Cebu City and Cebu Province. Among these is the ongoing development of the 40-hectare City di Mare, a joint venture with Cebu City located in SRP,” the company added.
Three other parcels of land in the 300-hectare SRP had been won via bidding by SM Prime Holdings Inc. (30 hectares), where its SM Seaside Cebu is located; FLI (50 hectares), where City Di Mare will rise; and SM-Ayala Land Inc. (26 hectares), where a joint mixed use development will rise.
The Filinvest group currently has P20 billion worth of projects in Cebu—planned, ongoing and existing—covering residential, commercial, hospitality, and office buildings.
Incorporated in 1989, FLI is the property unit of Filinvest Development Corp., which is mostly engaged in township projects..