Developer shifts back to horizontal projects

CEBU, Philippines – A Gotianun-led property developer is revisiting its focus to develop horizontal projects in Cebu this year, a company official said.

Filinvest Land Inc. is launching two horizontal projects this year: one in Mactan Island and another in northern Cebu, said FLI assistant vice president Boler Binamira at the topping-off yesterday of the firm’s One Oasis condo project in Cebu City.

“We are revisiting our roots in horizontal development,” he said.      

Yesterday, company officials topped off the fifth out of 10 buildings of its 3.7-hectare condo project. The 10 include three 5-storey and seven 10-storey buildings. 

Archie Igot, project development officer at FLI, said the multi-billion project will have roughly 1,700 units – around 600 were already turned over.

The other five buildings will be built in the next five years or less, he said. 

Binamira also revealed that there is a plan to add two more buildings for the Oasis project.

Currently, the listed developer has nine ongoing projects in Cebu.

Shares of FLI went down one centavo or 0.65 percent to end yesterday’s trading at P1.54 per share. — Carlo S. Lorenciana (FREEMAN)