Posted on September 08, 2014 10:50:00 PM [ BusinessWorld Online ]
CEBU CITY -- Filinvest Land, Inc. (FLI) is considering more residential projects in Metro Cebu as it completes its 50-hectare mixed-use development here.
Allan G. Alfon, FLI vice-president for strategic planning in the Visayas and Mindanao, said the company has acquired a 30-hectare property on Mactan Island. Filinvest is also negotiating to acquire eight hectares to 10 hectares in the southern part of Metro Cebu. Both are being planned for development into horizontal residential projects aimed at the middle-income market.
“We still firmly believe that demand for residential projects is still quite huge in Cebu. We also want to expand our MRBs (medium-rise buildings). We’re looking for sites now,” Mr. Alfon told BusinessWorld on the sidelines of the topping-off ceremony for the first two buildings of Il Corso, a P3-billion lifestyle retail component of the 50.4-hectare City di Mare at the reclaimed South Road Properties.
Mr. Alfon said the Mactan project is in the planning stage while a market study is being undertaken for the planned project in southern Cebu to confirm the viability of the product offering.
Jovita R. Polloso, senior vice-president for commercial centers and retail management, said the company has set a target to complete the Il Corso mall’s Central Piazza this November in anticipation of major tourism events in 2015.
The Central Piazza will feature the first two three-level buildings of the planned 11 structures that will make up the mall, an amphitheater with 1,000 seats and the grand entrance to the 10-hectare lifestyle strip by the sea.
To mark the topping-off ceremony yesterday, Ms. Polloso signed agreements with two Cebu-based restaurant operators who will put up the first dining outlets in the mall. The Urbina family behind the Cafe Laguna brand plans to open a seafood and grill restaurant, its seventh outlet in Cebu, while Marco and Kate Anzani plan to open a Gusto outlet.
“Our intent is to bring in concepts that will capture the discerning Cebuano market and pull in the tourists that abound in Cebu and the region. Working with local food artisans and homegrown concepts, we aim to provide an experience of the Cebuano warmth and hospitality while at the same time showcasing a global touch,” Ms. Polloso said.
Il Corso will offer a gross floor area of 55,471 square meters and is targeted to soft-open in late 2015, with a link to the 40-hectare residential and office components of City di Mare.
The Cebu mall is among the projects being undertaken by FLI to catch up on retail and commercial development after 15 years of focusing only on Festival Supermall in Alabang.