A project by Filinvest Land, City di Mare -- meaning "city by the sea," in Italian -- is an upcoming township in Cebu City, to be raised on 50 hectares of reclaimed land at the South Road Properties (SRP) of the city government.
During the project's launch held on Tuesday, Filinvest issued a revised masterplan which entailed bumping up the company's investment in the development. From P15 billion, initially, the "city by the sea" will now be granted P35 billion for its capital expenditure.
The company's president and CEO, Josephine Gotianun-Yap, relegated most of the enhancements to an expansion of the development's residential and office components.
"We make sure that we can keep up with the latest urban trends in development nowadays," said Gotianun-Yap, adding that the strong upsurge of Business Process Outsourcing (BPO) industries in the country has fed the demand for more office spaces.
Gotianun-Yap stated that "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 [masterplan].”
Up to 10 hectares of the development is owned by Filinvest, while the remaining 40 is a joint venture with the local government.
According to Gotianun-Yap, the entire project -- which started development in 2010 -- will take up to 10 years to complete. Comprising 25 percent of the township, Phase 1 consists of seven mid-rise residential buildings under the company's Amalfi and Sanremo Oasis brands. Phase 1 is scheduled for completion in the first quarter of 2015. Meanwhile, Phase 2 is set to raise luxury condominiums, parks, and BPO centers.
The entire project is designed to be "pedestrian-friendly," with up to 60 percent of the development to be turned into open spaces. The rest of the area will be divided into residential, comprising 70 percent of the allotted territory; retail, taking up 20 percent; and business centers which will comprise 10 percent of this scheme.
“We envision City di Mare as a progressive city within an urban paradise," said Gotianun-Yap. "It is a complete forward-looking township carefully planned to meet modern requisites for comfort and convenience."
“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."