By Richmond S. Mercurio (The
Philippine Star) | Updated December 17, 2014 - 12:00am
CEBU CITY, Philippines – Filinvest
Land Inc. (FLI), the real estate arm of the Gotianun family, is scaling up its
investment for the development of a mixed-use township in a 50-hectare
reclaimed area in Cebu.
In an interview with reporters here,
FLI president and chief executive officer Josephine Gotianun-Yap said their
investment in the township project called City di Mare can now go as high as
P35 billion from an initial cost of P15 billion.
The increased spending came on the
heels of a revised masterplan for the project, Gotianun Yap said.
“Before, (the plan) was just
residential and retail. Now we added more office components given stronger
demand for office,” she said.
FLI owns 10 hectares of the City di
Mare project, while the remaining 40 hectares is a joint venture with the Cebu
City government.
Gotianun-Yap said 70 percent of the
entire development would be taken up by residential space, while 20 percent and
10 percent would be retail and office components, respectively.
Development of the entire township
will take 10 years or more, she said.
Gotianun-Yap said the company is
currently studying the possibility of integrating a hotel in the township as
well.
“We expect a development this size
will have a hotel component, but that will be in the latter part because you
need to have the mall and retail areas first,” she said.
FLI said the
company is on track to completing Phase 1 of the project consisting mostly of
residential developments.
For Phase 2,
Gotianun Yap said FLI would start launching “exclusive collection” residential
condominium catering to the higher market as well as BPO buildings and parks.
“We envision
City di Mare as a progressive city within an urban paradise. It is a complete
forward-looking township carefully planned to meet modern requisites for
comfort and convenience,” she said.
City di
Mare, which translates to “city by the sea,” is located at the reclaimed South
Road Properties of the Cebu City Government.
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