FLI pledges more developments-A A +A
Sunday, August 17, 2014
WITH a 110-hectare land portfolio in Cebu, Filinvest Land Inc. (FLI) will have more developments in the province, a company official said.
FLI vice president for strategic business planning for Visayas and Mindanao Allan G. Alfon said at the sidelines of the blessing of the model unit of Sanremo Oasis at the South Road Properties on Saturday that the company is looking to buy even more land.
Alfon, however, said the company is concentrating on City de Mare, a rebrand of its previous Citta de Mare in SRP, for its Cebu projects.
FLI is pouring in P80 billion for its master-planned community in SRP, said FLI Cebu project development officer Archie M. Igot.
Alfon, who is also FLI area general manager for Visayas, said the company already sealed land deals but begged off disclosing the locations.
In the next five years, there will be more medium-rise buildings for Cebu City, FLI Visayas area sales head assistant vice president Boler L. Binamira Jr. said in a separate interview. He said demand for this type of building continues to grow and bulk of the company’s revenues come from it.
FLI has three medium-rise buildings in Cebu: the One Oasis in Mabolo, Sanremo Oasis and Amalfi Oasis in SRP.
For Sanremo Oasis, 99 percent of the 752 number of units have already been sold. Buyers are a mix of local and overseas Filipino workers.
The fast sales take up of the project is attributed to its location, where big-ticket projects in residential, retail, education and commercial are set to stand.
However, Binamira said horizontal residential projects will continue in Cebu. Existing subdivision projects of FLI include the Corona del Mar in Talisay City, with its new enclave Escala, and Aldea del Sol in Lapu Lapu City.
Meanwhile, Alfon said they are also seeing the possibility of introducing FLI’s Spatial brand, a “more affordable” medium-rise building in Cebu.
The developer first introduced it Ilo-ilo in the Visayas. It is also present in Cagayan de Oro and Davao.
In a recent disclosure, Filinvest Development Corp. reported revenues of P19 billion in the first semester, from P18.1 billion in the same period of last year. Of the amount, 45 percent is said to come from its real estate arm, FLI.
FLI first entered Cebu in 1997 with its Corona del Mar project. Officials have expressed high interest in its City di Mare project saying that it will significantly shape the city’s landscape as it brings the “new urbanism concept” of creating a nucleus, a “small city in a city” where facilities can be accessed in a walking distance.
Published in the Sun.Star Cebu newspaper on August 18, 2014.