Filinvest pays off 10-hectare SRP lot

CEBU CITY, March 27 (PNA) — Real estater giant Filinvest Land Inc. (FLI) has paid off the 10-hectare lot in the South Road Properties (SRP) after its area general manager, Allan Alfon, turned over Thursday a check for PHP141.8 million to Cebu City Treasurer Diwa Cuevas and City Legal Officer Jerone Castillo.

The amount served as the last payment for the PHP1.79-billion Pond F in the SRP that FLI is developing into a lifestyle and shopping center.

FLI began paying for the property in 2009.

“Filinvest is happy to have lived up to its commitment with Cebu City,” Tristan Las Marias, FLI vice president for the Visayas and Mindanao, said in a press statement.

“This partnership will continue to flourish even after the payment for Pond F has been fully-delivered as we work towards realizing our vision in making City de Mare the lifestyle capital of Cebu,” he added.

Aside from Pond F, FLI also has a joint venture with the Cebu City Government to develop residential condominiums in 40 hectares of the SRP.

Cuevas said two percent of FLI’s last payment will be remitted to the Bureau of Internal Revenue as withholding tax.

“We have more or less PHP134 million net from the payment,” she said. (PNA)