The Cebu City Council has approved the release of the third land title of Filinvest Land Inc. (FLI) for the waterfront lots it purchased at the 300-hectare South Road Properties (SRP).
The land title to be released, however, is the title for Lot 4 instead of Lot 3, as requested by the FLI, where the investors plan to develop a seaside promenade.
FLI plans to do the groundwork and the construction of the seaside promenade within the second quarter of this year.
â€Considering that Lot 3 and Lot 4 each has an area of 20,000 square meters, the city interposed no objections to FLI’s requests to deliver the title and possession of Lot 4 in Pond F instead of Lot 3,†said Cebu City Councilor Jose Daluz III, who chairs the council’s committee on budget and finance, in a resolution.
The release of FLI’s third title for the 10.6-hectare land it owned at Pond F followed after it paid the third of the six installments to the city government worth P255.5 million last month.
Six titles have been placed on escrow with the Land Bank of the Philippines (LBP) and will be turned over to FLI each time it pays the city.
FLI makes the installment payment every march for six years, as stated in the joint venture agreement signed by the City Hall and FLI officials.
In 2009, FLI paid the city at last P348 million as down payment for the Pond F lots that they want to develop.
Last year, FLI paid the city at least P269.5 million for the second installment of the waterfront lots while this year, they have paid P255.5 million each served as the third payment.
Aside from the seaside beach promenade, the FLI also plans to build commercial and retail complexes at Pond F as well as exhibition tents, a boardwalk with fine dining restaurants and fast food outlets, among others. (PNA)
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Topic: Filinvest Gets Lots at SRP Cebu (Read 3319 times)