FILINVEST Land Inc. (FLI), the Gotianuns’ listed property vehicle, has bagged a 19.2-hectare land within the 300-hectare South Road Properties (SRP) in Cebu City to complement its 50-hectare City Di Mare township project in the area.
The company, its subsidiaries and affiliates won the bidding for Lot No. 1 in SRP, a consolidation of Lots 7 and 17 totaling 192,385 sqm or 19.2 hectares.
The property will be developed based on the required minimum development plans of the Cebu City government and specified in the bidding guidelines, the company said in a corporate filing.
Seventy percent of the area is intended for commercial or office development and the 30 percent is for housing, according to the disclosure.
“The new development will complement the ongoing City di Mare project of FLI in SRP,” it added.
FLI will be joined by subsidiary Cyberzone Properties Inc., affiliate Filinvest Alabang Inc. and other possible partners to develop latest acquisition.
The FLI Group and the SM-ALI Group holds the third and fourth parcels of land out of the 300-hectare SRP. Two other lots were previously won by SM Prime Holdings Inc. and Filinvest Land Inc.
FLI now has 69.2 hectares for its City Di Mare township.
To fund the projects in the pipeline, FLI is allotting P24 billion in capital expenditure this year—from P15 billion last year—to be partly financed by external sources.
The 19.2-hectare is near the 26-hectare Lot. No. 8-B-1 won by the SM-ALI Group.