Filinvest Land Wins Bid for 19-hectare SRP Lot

Property developer Filinvest Land, Inc. (FLI) and its subsidiaries and affiliates won the bid for the 19.24-hectare lot located at South Road Properties (SRP) owned by Cebu City government.

In a disclosure to the Philippine Stock Exchange, FLI said they aim to develop Lot No. 1 (consolidated portions of lots 7 and 17) into commercial and/or office and residential projects, in accordance with the required minimum development plans of the city government.

Under the bidding guidelines, 70 percent of the buildable area is intended for commercial and/or office use; and the remaining 30 percent for residential use.

“The new development will complement the ongoing City di Mare project of FLI in SRP,” it said.

The property will be developed and owned by FLI, the residential property arm of the Filinvest Group, together with its office development subsidiary, Cyberzone Properties, Inc., its Central Business District affiliate, Filinvest Alabang, Inc. (FAI) and other possible strategic partners.

Earlier, a consortium formed by property giants SM Prime Holdings Inc. and Ayala Land Inc. and its affiliate Cebu Holdings, Inc, also won the bid for the development of a 26-hectare portion of SRP for Php10 billion. (PNA) LGI/LDV