Filinvest Land Inc. (FLI) recently acquired 19.2 hectares in Cebu's South Road Properties (SRP), a reclaimed plot of land measuring 300 hectares overall.
Won via auction, the acquisition has been slated to "complement" FLI's City di Mare, an upcoming township within SRP, issued the company.
Initially at 50 hectares, the P35-billion township will now stand to have 69.2 hectares whatwith the acquisition, which will be developed along with Filinvest subsidiaries Cyberzone Properties Inc., Filinvest Alabang Inc, and other, possible partners, according to a company disclosure.
The disclosure also states that "[T]he property will be developed in accordance with the required minimum development plans of the Cebu City government as specified in the bidding guidelines, wherein 70 percent of the buildable area is intended for commercial and/or office use and the remaining 30 percent for residential use."
City di Mare – meaning "City by the Sea," in Italian – started development in 2010. It will take up to 10 years to complete, according to FLI.
Spanning 25 percent of the township, Phase 1 consists of seven mid-rise residential buildings under the company's Amalfi and Sanremo Oasis brands. Phase 2 will see to an array of luxury condominiums, parks, and BPO centers.
Open spaces will comprise up to 60 percent of the development in line with a pedestrian-friendly masterplan. The remaining territory, meanwhile, has been divvied up into residential (70 percent), retail (20 percent), and business components (10 percent).
The township's retail zone takes the form of Il Corso, a 10.6-hectare lifestyle and retail strip by the sea.