By Ehda M. Dagooc (The Freeman) Updated May 28, 2009 12:00 AM
CEBU, Philippines – Filinvest Land Incorporated partners with international hotel chain Aston Hotels & Resorts for the management of its condotel and resort businesses in Cebu in the next few years.
If the deal will materialize, it will be the first hotel and resorts that will be managed by the international chain in the Philippines, said Filinvest vice president for Visayas and Mindanao operations Tristan Las Marias.
For over 60 years, Aston Hotels & Resorts has been a leading provider of hotels, condominium resorts, villas and cottages specifically in Hawaii, and other countries like Indonesia, Darlington, among others.
Filinvest will be opening its triple-A resort village by the end of this year, and targets to start its condotel operation of Grand Cenia Condominiums by first quarter of 2011.
In a press conference, Las Marias said that the company’s partnership with Aston Hotels and Resorts will solely be management deal, and that names of both properties the Grand Cenia and Seascapes will be retained.
Aside from its investments in residential projects in Cebu, the Gotianun-led real estate giant is spending P5.5 billion only for the two projects, the Grand Cenia Condotel and the Seascapes Resort village on Mactan Island.
The company has earmarked P4 billion for the development of high-end Seascapes, which will provide 280 casitas to add the resort accommodation facilities of Cebu, and exclusive residential or vacation homes.
Filinvest is spending P4 billion for the 12 –hectare ultra high-end resort town, of which exclusive residential lots, apart for the resort operations.
The Grand Cenia, on the other hand, a condotel located adjacent to the Cebu Business Park (CBP), is a 25-story condotel building that will be providing a total of 450 hotel rooms that will also be managed by the Aston Group.
Filinvest, is investing P1.5 billion on this condotel project which completion date is targeted by early 2011.
Excluding its investment put in its leisure group in Seascapes, Filinvest Land has already spent P5 billion in real estate developments in Cebu in the last three years. Combined, the company has put up close to P10 billion in investments in the last few years.
Currently, the company is also building an enclave of medium-rise-buildings (MRB) called One Oasis in Mabolo area, which provides a cluster of MRBs or nine to 10 five-story buildings within the 3.5 hectare development.
Aside from these new ventures, Filinvest is also expanding its existing subdivision projects in Metro Cebu, such as the 5-hectare expansion of Corona del Mar subdivision in Talisay, and the four-hectare additional house and lot offering of the Mactan Tropics subdivision.
Although the company was recently involved in the controversial deal with Cebu City government-developed South Property Road (SRP), Las Marias said Filinvest maintains its strong confidence of Cebu economy, fueled by the bullish tourism and real estate industries.
“We are not overly aggressive, but we are trying to position ourselves and we want to be there when the economy fully recovers,” he stressed.
Filinvest Development Corporation, is one of the largest developers in the Philippines, developed close to 2,000 hectares of land in the last four decades, shopping centers, it also engaged in different businesses like banking (East West Bank), and projects like shopping centers, central business districts, high-rise offices, and condominiums, recreational farms, leisure clubs, industrial estates and an information technology park.
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