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Filinvest consortium closes 6.7B-peso site buy in Cebu City, Philippines

A Filinvest-led consortium completed the acquisition of a 19.2-hectare mixed-use development site in Cebu City, Philippines, from the local government for 6.7 billion pesos.

The group comprising Filinvest Land Inc., Filinvest Alabang Inc., Cyberzone Properties Inc., Anesy Holdings Corp., Betterfield Phils. Corp. and Igold Holdings Corp. settled the purchase Dec. 19, 2019, after successfully placing the winning bid for the site in July 2015, according to a Jan. 8 news release.

The consortium plans to develop Lot 1 of the city's South Road Properties into a project that will feature residential, office, commercial and retail components, Filinvest Land added.

As of Jan. 8, US$1 was equivalent to 50.71 Philippine pesos.