22 Sep Filinvest allocates P5B For Expansion and Development Projects in Mindanao
On September 20, Tuesday, Filinvest Land Inc.(FLI) announced to allocate additional P5 billion for the development of its projects in Mindanao for the next three years.
FLI said in a statement that the P5 billion will be for the expansion in Mindanao, “this is on top of the P4.7 billion worth of ongoing land development including the One Oasis project in Cagayan de Oro, thus granting Filinvest a 17 project-strong foothold spread over 7 towns and cities.”
Filinvest was encouraged to expand in Mindanao as the government is more focus and consideration for the region.
Tristan Las Marias, FLI Senior Vice President and Cluster Head for Visayas and Mindanao said, “With the government’s renewed focus towards Mindanao, we expect the demand for affordable housing to grow as new industries and investments arrive in Southern Mindanao (Region XI) and SOCCSKSARGEN (Region XII) areas. We would like FLI to be at the forefront to address this growing demand for affordable housing especially in Davao City and Koronadal City.”
The additional P5 billion in the next three years in Mindanao are for the expansion of its Futura Homes economic housing under the Spatial medium-rise building (MRB) portfolio with new projects in South Cotabato and Davao City.
Economic housing projects in a 7.5-hectare lot in Koronadal City, South Cotabato and a 17-hectare site in Catalunan Grande, Davao City, both of which it recently acquired are to be developed by FLI and to be launched within the fourth quarter of this year. The economic housing projects will cater to the market segment that can afford units worth P1.5 million and below.
Two new MRB condo communities in Davao City, a 2-hectare site in Matina area and another 1.7-hectare site near Davao City Hall will also be developed as FLI had allocated a huge part of the development budget.
Centro Spatial is one of the MRB condo communities of FLI, it is a mid-rise condominium enclave which will feature five buildings that are eight-storey high. It is set to rise on a 1.7-hectare lot in the center of Davao City, near the city hall.
FLI stated, “Spatial communities provide a secure and very accessible home in an environment where over 65% is provided for open space and amenities and is perfect for the budget conscious start-up families.”
A 2-hectare site in Matina, Davao City will also be established.
These new ventures now comprise Filinvest’s total of 24 residential buildings provided all over Mindanao.
Las Marias stated, “We are excited with the very strong demand for affordable condominium units in Davao City. As Davao City emerges as the new political capital of the country, we expect the influx of investments to continuously pour into Davao, particularly from our Overseas Filipino Workers looking for prime real estate investments and contribute to the growing demand for affordable condos in Davao. We also believe that the City has the right fundamentals to attract and sustain business investments in spite of recent events.”
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