Cebu City: Gotianun-led Filinvest Land Inc. (FLI) is raising its capital expenditure (capex) for its 50-hectare Cebu township to P35 billion from P25 billion previously in order to enhance the office and residential component of the original master plan.
Josephine Gotianun-Yap, president and chief executive officer of FLI, said in a briefing that the company will increase funding for the 50-hectare City Di Mare (CDM) township project in Cebu to upgrade its residential and office development components.
“The capex for SRP [South Road Properties] is P35 billion for the enhanced master plan. We make sure that we can keep up with the latest urban trends in development nowadays,” Gotianun-Yap told reporters on Tuesday.
She said that under the enhanced master plan, “there will be added office components. Before, there was more residential. There is now more BPO. The retail was always there, but some of the residential has now a little bit more density than [in]the original [plan]”. This is in response to the stronger demand for office units, she added.
FLI said its township project is master-planned as an evergreen lifestyle hub, with some 60 percent of the entire development devoted to open spaces with greeneries and parks. Of the remaining area, about 20 percent or 8 hectares will be developed into a retail mall under the Il Corso brand; 70 percent will be turned into a residential development comprising mostly of mid-rise buildings of up to 15 floors each; while 10 percent will be allocated for office towers or business process outsourcing (BPO) hubs.
Gotianun-Yap said the CDM, which started development in 2010, will take more than 10 years to complete. She said 25 percent will be completed in the first quarter next year as a part of Phase 1 and development of Phase 2 will follow soon after, also next year.
Tristan Las Marias, FLI first vice president for Visayas and Mindanao, said in the same event that the company was “on track” to meet Phase 1 completion in the first quarter of next year, consisting of the townhouse, pool, some open spaces, and the seven residential buildings under the Amalfi and Sanremo Oasis brands.
The residential component of Phase 1 includes two mid-rise residential buildings under the Amalfi brand with a total of 600 units, and five mid-rise residential buildings under the Sanremo Oasis brand with 2,000 units.
The two medium-rise residential developments offer two-bedroom units priced at P85,000 per square meter (sqm) for a 26-sqm unit under Amalfi, and P90,000 per sqm for a 36-sqm unit for Sanremo Oasis.
Phase 2 will focus on the development of an “exclusive collection” of condominium units for the high-end market as well as development of BPO hubs and some parks.
Gotianun-Yap said the township will also install a hotel component – likely under its Crimson Hotel brand – but this will be built in the latter part of the development.
For its retail segment, the 8-hectare Il Corso will cost P4 billion to build, apart from the P35 billion capex for the CDM township.
The 50-hectare CDM is within the Cebu City government’s 300-hectare reclaimed South Road Properties, which is also home to the massive 30-hectare Cebu Seaside mall of SM Prime Holdings.
“We look forward to broadening and intensifying our efforts in Cebu. Filinvest’s presence in Cebu is strong. We will continue to commit investments as Cebu deserves the best projects. We will contribute to its local tourism and economic progress,” Gotianun-Yap said.
FLI recently raised P7 billion from a bond issue to finance its capital spending in the next 15 months as the company focuses on tripling its office portfolio by the end of 2015.
This year, the company launched more projects outside Metro Manila including developments in Iloilo, Cagayan de Oro and Palawan. In 2015, majority of the new launches will rise in Northern Luzon and Central Visayas such as in Dumaguete, further expanding its presence nationwide.
Incorporated in 1989, FLI is the property unit of Filinvest Development Corp., mostly engaging in township projects that consist of retail, residential and office spaces.