PROPERTY developer Filinvest Land Inc. (FLI) is earmarking P10 billion for various projects in Cebu. This amount will be infused over the next few years as the company expands its existing residential subdivisions, while investing on three key horizontal projects.

The company’s key new projects, the 25-story Grand Cenia near Cebu City’s business district and the One Oasis in uptown Mabolo district have already generated interest in the market, area sales head for Visayas Mindanao, Jeffrey Badilles, said.

“We want to have our presence in the property investment, condominium and affordable market segments in Cebu since this is where the company and its owners, the Gotianun family, really started,” Badilles said.

Grand Cenia, located just across Ayala Center Cebu, is already 60-percent sold due primarily to its good location and various amenities. The project is set for completion in 2011.

According to business development officer Louie Henry Carandang, the 7th to 18th floors of Grand Cenia will be condotels where buyers can get a share of the income from rental of their units. The 19th to 25th floors are for high-end residential condominium units.

One Oasis, the fifth of its kind by Filinvest in the country, is a middle-market condominium project set for construction in the first quarter of 2009.

Filinvest is also adding five more hectares to its 38-hectare Corona del Mar subdivision in Talisay City and another 1.6 hectares to its Aldea del Sol project in Mactan. The company is also building Mactan Tropics 2 after selling out Mactan Tropics 1.

Filinvest is also set to commence its development at the South Road Properties although plans are still under wraps.

Filinvest Land, the property unit of tycoon Andrew Gotianun, will raise its authorized capital stock to P16 billion from P10 billion to enable it to declare an approved P1.5 billion stock dividend, documents from the Securities and Exchange Commission show.

The company said 25 percent of P1.5-billion increase in capital stock will be subscribed and fully paid in the form of stock dividends to be taken out from the company’s unrestricted earnings.

FLI’s retained earnings as of end-December 2004 stood at P6.286 billion, which is enough to guarantee the P1.5 billion stock dividend.

The stock dividend will be distributed proportionately among stockholders of record as of such date to be fixed by the SEC.

The SEC said the company has sufficient retained earnings as of end-December 2004 to guarantee the stock dividend of up to P1.5 billion.

The company last year approved the issuance of P1.5 billion worth stock dividend.

The company is allocating P1.2 billion in capital expenditure this year to finance the construction of eight major residential and nature club projects.

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Filinvest allots P10M for Cebu projects

PROPERTY developer Filinvest Land Inc. (FLI) is earmarking P10 billion for various projects in Cebu. This amount will be infused over the next few years as the company expands its existing residential subdivisions, while investing on three key horizontal projects.

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