Filinvest to develop 'Activa' mixed-use development in Cubao
MANILA, Philippines – The Gotianum group’s Filinvest Land Incorporated (FLI) said it will start developing a 1.3 hectare property in Cubao, Quezon City into a mixed-use transit-oriented development called Activa in 2016.
Activa will have a total of 4 buildings, two of which will be office towers geared towards the business process outsourcing firms, said FLI president Josephine Gotianun-Yap in an interview during the company’s annual stockholders meeting held Friday, May 8.
She added that the mixed-use development will also have a residential condominium, a commercial development and a hotel.
The 1.3 hectare property was acquired by FLI from the Ramos family of National Book Store for close to P1 billion ($22.4 million), although Yap did not disclose the total investment cost of Activa.
It is also one of the 3 prime mixed-use developments that the property firm is developing in line with its strategy to grow various real estate developments in prime investment properties.
The two others are the 2.6 hectare One Binondo in Chinatown, Manila which will have retail, micro-retail, mall, office, residential and hotel developments and 100 West in Makati, which is situated along the proposed mass transit system loop connecting BGC and Pasay City Reclamation Area.
FLI will also launch a 20-hectare residential development in Daanghari, Muntinlupa this year.
The property is aimed at the high-end market as FLI plans to have 350 square meters lots for P45,000 ($1009) per square meter.
FLI hopes to raise as much as P2.5 billion ($56 million) in sales for this residential development.
Yap said the company is also on track to meet its target of tripling its recurring income gross leasable area for office and retail space within 5 years.
FLI will have a turnover of 153,000 square meters in 2015, with 243,000 square meters under construction and another 227,000 square meters in the planning stage in preparation for construction this year and next. – Rappler.com
$1 = 44.57