MANILA, Philippines—Gotianum-led Filinvest Land Inc. has scaled up its residential property business in bustling Cebu City.
It recently broke ground on the first of its mid-rise building projects within the 50-hectare Citta de Mare project in the South Road Properties.
This is part of Amalfi Oasis, one of the mid-rise building communities that FLI is developing within the area, under a joint venture agreement with the Cebu City government.
The first building will have 150 units and should be ready for turnover to buyers by the end of 2011, FLI told the Philippine Stock Exchange on Monday.
Amalfi Oasis will have a total of 10 to 12 buildings.
By February 2011, FLI targets to break ground on its second project in Citta de Mare—San Remo Oasis—which will have a total of eight buildings, with the first having 130 units.
FLI has another mid-rise building project in Mabolo, Cebu, called One Oasis Cebu.
The first building is already being turned over to buyers, while the second will be ready for turnover starting the end of this month.
The first two buildings have a total of 220 units.
Construction of the third building under One Oasis Cebu is targeted to start within the first quarter of 2011.
FLI also announced that on Saturday, it will break ground on Sunrise Place Mactan, a four-hectare socialized housing project which shall bring to market 600 residential units.
Meanwhile, FLI reported that construction of the Grand Cenia Hotel and Residences is in full swing.
The civil and structural works are almost complete, while the architectural and interior works are about halfway through.
This project is on track for turnover to buyers of the condominium units and the condotel rooms for hotel/room preparation by June 2011.
This 25-story project has two floors earmarked for BPO (business process outsourcing) office space, 115 condominium units and 432 condotel rooms.
Source: Philippine Daily Inquirer
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