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Xurpas embarks on backdoor listing

PSE asks for full, comprehensive disclosure to lift trading suspension

By Denise A. Valdez, Senior Reporter

THE Philippine Stock Exchange, Inc. (PSE) will not lift the trading suspension on shares of Xurpas, Inc. after deciding that its planned P170.7-million acquisition of venture capital firm Wavemaker Partners US qualifies as a backdoor listing.

In a notice on its website, the bourse operator said backdoor listing rules will apply to the company’s planned issuance of 1.71 billion common shares to Wavemaker US, and as such, has required more documents from the company.

Until such compliance, it decided to keep the trading suspension on the company’s shares, which has been in place since Sept. 18.

“After a careful review of the company’s submissions and disclosures, the exchange deems that the foregoing transactions are covered by the exchange’s Rules on Backdoor Listing,” it said.

“Said determination is anchored on the series of transactions effectively resulting to an acquisition by a listed company (i.e., Xurpas) of an unlisted company (i.e., Wavemaker Group and its related entities) and the purchase by the Wavemaker Partners of Xurpas shares resulting to a substantial change in Xurpas’ voting structure, among others,” it added.

Xurpas is planning to issue common shares amounting to 47.68% of its outstanding shares to Wavemaker US, represented by Frederick Manlunas, Benjamin Paul Bustamante Santos, James Buckly Jordan, Wavemaker Partners V, LP and Wavemaker US Fund Holdings, LLC. The shares are priced at 10 centavos each.

After this transaction, Xurpas will buy 100% of Wavemaker Group, Inc., which has interests in Siemer Ventures, LLC; Wavemaker Partners, LLC; WMP GP V, LLC; Wavemaker Global Select, LLC; and Wavemaker Management, LLC.

It said it would get some P170 million in cash from the issuance of shares to Wavemaker US, which it will use to buy Wavemaker Group.

“It is in this regard that the exchange is constrained from lifting the trading suspension on the company’s shares until the required information have been submitted and due compliance with the applicable laws, rules and regulations has been established,” the PSE said.

Xurpas is required to submit a full and comprehensive disclosure to the regulator, including relevant documents that would detail the business impact and material implications of the transaction.

In an e-mail to BusinessWorld, which was disclosed to the PSE website on Monday, Xurpas said it would “comply with the exchange’s findings to ensure that the public will have access to full, fair, timely, and accurate information.”

“The company is currently preparing the comprehensive corporate disclosure for backdoor listing and will be submitted to the exchange once available,” it added.

Xurpas had previously planned to complete the acquisition of Wavemaker no later than Dec. 31, 2020.

“This acquisition significantly expands Xurpas’ technology base and gives Filipino shareholders and investors access to an entire portfolio of promising venture-backed early-stage companies in the US,” Xurpas Chairman Nico Jose S. Nolledo said in a statement in September.

Xurpas recorded an attributable net loss of P43.75 million in the first half of 2020, down from P118.28 million in the same period last year. Its shares closed at 55 centavos apiece on its last trading day on Sept. 18.

AC Energy, partner to build $36-M solar farm in India

AYALA-LED AC Energy, Inc. and its partner are expanding their network in India with another solar farm in the pipeline.

It said in a statement on Monday that UPC-AC Energy Solar, the joint venture of the Ayala energy arm and Hong Kong-based UPC Renewables Group, is developing a 70-megawatt peak (MWp) solar facility in Gujarat state’s Amreli district. The project is estimated to be worth $36 million.

The company won the 25-year power supply contract of electric utility Gujarat Urja Vikas Nigam Ltd. through a competitive bid of INR 2.55 per kilowatt-hour (kWh). The Indian state is said to target 8,000 MW of solar power installations over the next two years.

The Paryapt Solar project is expected to begin power generation in the first half of 2021.

AC Energy’s latest project followed its first solar farm project in the country, located in Rajasthan. The $68-million Sitara Solar facility is also expected to bring power to the desert state starting next year.

India is eyeing to have a total of 175 gigawatt (GW) of clean power capacity by 2022 with 100 GW coming from solar.

AC Energy and UPC Renewables are also partners in the development of two wind project in the Soc Trang province in Vietnam with a combined capacity of 60 MW. The companies first teamed up in 2013 for an 81-MW wind farm project in Ilocos Norte in the Philippines.

The Ayala firm through AC Energy Philippines, Inc., a publicly listed company in the country, is integrating its international businesses with its domestic ventures, as it aspires to become the largest listed renewables platform in Southeast Asia. It targets to build up to 5,000 MW of clean power facilities over the next five years.

On Monday, shares in AC Energy inched up 0.86% to close at P3.51 each. — Adam J. Ang

PXP Energy, Atok-Big Wedge further soar after lifting of exploration ban

SHARES in PXP Energy Corp. and Atok-Big Wedge Co., Inc. on Monday sustained their surge days after the government lifted a ban on oil and gas exploration in the West Philippine Sea.

Atok-Big Wedge stocks jumped 12.82% or P1.48 to close at P13.02 each, while PXP Energy shares soared 50% or P3.86 to end the day at P11.58 apiece. Both attributed their rising share price to the recent lifting of the moratorium on exploration activities.

But a trader stayed cautious as investors were lured to the listed companies with interest in service contracts within the contested offshore areas.

In a mobile phone message, Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said he was cautious about the sudden surge of mining and oil stock prices.

“It would depend on the developments that would unfold in the coming days, regarding the exploration prospects in the West Philippine Sea,” Mr. Pangan said.

In its disclosure, Manuel V. Pangilinan-led PXP Energy said it had just received its “resume-to-work” notice from the Department of Energy (DoE) involving its operating interest in Service Contract (SC) 72, while its subsidiary, Forum Energy Ltd., was also issued the same notice for its operating interest in SC 75.

Further, the firm confirmed ongoing talks between Forum Energy’s subsidiary Forum (GSEC 101) Ltd., and China National Offshore Oil Corp. (CNOOC) regarding the implementation of the memorandum of understanding between the governments of Philippines and China on joint oil and gas development in the West Philippine Sea.

The two parties have yet to finalize any disclosable agreement, PXP Energy said.

“To date, there is no disclosable information in respect to such ongoing negotiations, including the existence of such ongoing negotiations itself,” PXP Energy said in the disclosure.

Meanwhile, mining company Atok Big-Wedge said it owns 20% of Forum Energy, which has a 70% stake in SC 72, an 8,800 square kilometer offshore license situated west of Palawan Island in the West Philippine Sea.

On the other hand, SC 75 is located northwest of Palawan, while SC 59 is in the southwest of the province.

Late Thursday, Energy Secretary Alfonso G. Cusi announced that service contractors had been allowed to resume energy-related activities within areas covered by SC numbers 59, 72 and 75, which were suspended in 2014 due to territorial disagreements. — Revin Mikhael D. Ochave

Japanese firm JTI to buy more tobacco leaves from local farmers —  DoF chief

Japan Tobacco International (Philippines) Inc. (JTI) is looking to increase its tobacco purchases from local farmers to more than 4.6 million kilograms (kg) next year, according to the Department of Finance (DoF).

Citing a letter from JTI General Manager John Freda, the DoF said in a statement on Monday the company’s planned purchases would be 1 million kg higher than this year and would make up 25% of its overall tobacco leaf requirement for 2021.

It will also “explore the possibility of further increasing our local leaf tobacco purchases next year and in the coming years,” the company said separately.

Republic Act (RA) No. 10351, or the excise tax reform law on alcohol and tobacco, requires manufacturers or vendors selling tobacco products in the country to buy at least 15% of their needed tobacco leaf raw materials from local farmers.

JTI’s letter was in response to the request of Finance Secretary Carlos G. Dominguez III and Agriculture Secretary William D. Dar to boost its purchases of locally produced tobacco leaves to support the domestic market that has been affected by the coronavirus disease 2019 (COVID-19) pandemic.

“Your kind assistance will translate into realized income to farmers, which assures food on their table and revenues for local government units (LGUs),” the joint letter addressed to the company read.

According to the two officials, the strict lockdown imposed to slow down the spread of COVID-19 has affected the flow of agricultural goods especially tobacco, which is among the most adversely affected crops as it is a non-food item.

They also cited studies showing that only 30% of the total tobacco production in the country were coming from local farmers and the rest sourced overseas.

“The National Tobacco Administration initiated a series of meetings on the subject in anticipation of the next harvest and trading season which is expected to begin sometime in March 2021, with the goal of ensuring that all harvest next year will be procured,” Mr. Freda said in his letter.

He said JTI Philippines would continue to support the government and Filipino tobacco farmers. — Beatrice M. Laforga

Higher LPG sales lift Pryce’s third-quarter profit 

PRYCE CORP. on Monday reported a 1.24% rise in its net profit between July and September to P1.222 billion over a year ago as it saw growth in liquefied petroleum gas (LPG) sales.

The company booked P8.994 billion in total revenues in the third quarter, or a 14.03% jump from last year, driven by the 15.45% revenue share hike of its LPG business.

Its main profit driver was its LPG content, selling 178,050 metric tons in the period, which represents a 9.5% increase.

It noted that the average international LPG contract price went down 10.23% to $394.28 per metric ton in the said period. “The peso-sale of LPG content would have been higher had it not been for such drop in average CP (contract price) and, consequently, of local LPG prices,” it said.

Meanwhile, it booked P466.7 million in revenues from other products. Only its pharmaceutical products saw a 13.8% sales growth to P42.27 million in the quarter, while it saw decreases in the sales of its industrial gases and real estate, declining 5.12% to P323.97 million and 18.25% to P100.26 million, respectively.

In the first semester, the company netted P759.25 million in after-tax income, a decline of 15.2%, after getting hit by the slump in crude and liquified natural gas prices and incurring “appreciable” inventory losses. The LPG contract price in the six months to June averaged at $415.58 per metric ton, or a 13.2% drop from a year ago.

The company said it was optimistic about its LPG sales in the fourth quarter of the year as the holiday season is approaching.

“Notwithstanding the coronavirus pandemic, the management still sees the last quarter as the strongest in terms of LPG sales and income because of the December festivities or holidays,” it said.

Shares in Pryce inched up 0.48% to close at P4.22 each on Monday. — Adam J. Ang

FEU swings to loss on enrollment decline, tuition discounts

FAR Eastern University, Inc. (FEU) swung to a loss in its first quarter, ending August as a result of lower enrollments and tuition fee discounts because of the coronavirus pandemic.

In a regulatory filing, the listed school operator said its attributable net loss stood at P148.8 million in the three months from June to August, reversing its attributable net income of P32.98 million in the same period last year.

Its revenues were halved to P284.64 million, which includes not only the 51% decline in educational revenues, but also some P38.1 million in non-recurring income from selling condominium units last year.

“Total revenues declined by 51%, mainly due to the drop in educational revenues resulting from decrease in enrollment during the midyear term and FEU’s movement of the start of first semester classes towards the end of August, affecting the timing of revenue recognition,” it said.

“Moreover, tuition fee charges were discounted as all classes were conducted using online mode, as compared to the regular tuition fees for the traditional classroom instruction,” it added.

While its topline declined, its operating expenses was also lessened by 24% to P439.21 million because of the implementation of online classes.

The company’s student population stood at 39,361 for the first semester of academic year 2020-2021, down 11% from last year’s 44,069.

“The consolidated financial position and the consolidated results of operations of the group are expected to remain operationally stable at its core until yearend. However, it anticipates certain drop in revenues and net income, while managing expenses to remain flat if not constrict,” it said.

FEU operates campuses in Manila, Quezon City, Cavite, and Alabang. It also owns FEU Senior High School in Manila and Roosevelt College in Marikina. — Denise A. Valdez

A happy ending guaranteed in latest boys love show

BOYS’ Lockdown is another entry to the ever-growing list of boys’ love (BL) series, a genre which has seen a surge in popularity this year, and this time, its writer said that this is for people who want to see a cute, fluffy romance with a happy ending.

Boys’ Lockdown is a six-episode series directed by Jade Castro that follows the story of Key (Ali King) and Chen (Alec Kevin), two boys who meet each other during enhanced community quarantine (the strictest form of lockdown imposed in the country during the first few months of the pandemic) in a convenience store while running errands.

“We want it to be a satisfying watch for those who will watch the show, and personally for me, that meant a happy ever after,” Danice Sison, the series writer and creator, said during an interview with BusinessWorld via Zoom on Oct. 7.

The show, whose first episode premiered on Oct. 19 on the Ticket2Me YouTube channel, is meant to be a lighthearted watch that will show what a “healthy, loving, supportive relationship looks like,” said Ms. Sison.

The first episode of the series sees the two leads meet offline in a supermarket/pharmacy in twinning face masks, as remarked in a cameo by “Tita Julie,” a popular online character of a progressive, rich tita (aunt) created by Mark Averilla, best known as McCoy Dubs.

Boys’ Lockdown is produced by Ticket2Me, a Southeast Asian blockchain-enabled ticketing platform that has produced several musicals and plays in the country. This is Ticket2Me’s first online web series and was started because the company’s CEO and founder, Darwin Mariano, loved the Thai BL series 2gether: The Series and wanted to do something like it.

According to the Urban Dictionary, “Boys love is the common term used by the publishing industry to categorize works focusing on male/male relationships marketed at women.” The term and its abbreviation “BL” are now being used to describe a wide variety of work in all media including anime and manga, novels and fan fiction, and live-action web shows.

“I messaged Jade [Castro] and told him that we should make a BL series because 2gether, saved me a lot of grief during the worst parts of the pandemic,” Mr. Mariano said during the same interview.

2gether: The Series is a Thai show about two schoolmates finding love and was a smash hit in the Philippines. It is largely credited towards the popularity of the genre.

And because the series was filmed during lockdowns, the team opted to do a locked-in shoot where everyone stayed in one location for two weeks to complete the shoot, a novel experience, especially for Ali King who said that the show was his first-ever acting gig.

“It was fun… I don’t know how prod work is done before quarantine, so the [stricter] protocols are now the norm for me,” Mr. King said in the interview.

Boys Lockdown is the newest entry to the ever-growing BL series slate in the country, and for Ms. Sison, this is a step towards LGBT (lesbian, gay, bisexual, transexual, etc) representation as it allows those who identify themselves as part of the community to now “reclaim their stories” as they “saw themselves in these shows.”

Globe Studios came out with Gaya sa Pelikula while Ideafirst made Gameboys, both of which are BL series. (Read more: https://www.bworldonline.com/globe-studios-releases-boys-love-online-series/ and https://www.bworldonline.com/pinoy-web-series-on-gay-romance-finds-an-audience-during-the-pandemic/)

“They should watch Boys’ Lockdown if they like BL and if they like stories about two men falling in love and getting their happy endings and if they want a sweet, fluffy, romance,” Ms. Sison said.

Watch Boys’ Lockdown on the Ticket2Me YouTube page. The link to the first episode is here: https://www.youtube.com/watch?v=q-epxsCY8jE . — Zsarlene B. Chua

AllHome plans to open 2 more stores this year

VILLAR-LED AllHome Corp. is looking to end the year with at least two more new stores as it is encouraged by the resilience of existing stores during the coronavirus-related lockdown.

In a statement on Monday, the home improvement retailer said it looks to raise its store count to 49 before 2020 ends from 47 at present, with interest mostly in provincial locations.

“We are optimistic in the performance of our provincial stores, especially with our most recent opening in Santiago City, Isabela. For the rest of 2020, we have identified at least 2 more stores to open, ending 2020 with 49 stores, at the least,” AllHome President Benjamarie Therese N. Serrano said in the statement.

“We have adjusted the opening schedules, given the construction delays and economic impact of this pandemic. Initially, we planned to delay new store opening to 2021, but with the trend we are seeing, we have decided to open at least 4 new stores this 2020,” she added.

Most of AllHome’s current stores are located in Metro Manila and its nearby regions, accounting for 37 stores from its 47-store network. Five others are located outside of Mega Manila but within the Luzon island, while the other five are distributed in Visayas and Mindanao. 

The company builds its stores in locations near residential communities to target home owners that are looking for construction materials, hardware, tiles and sanitary wares, furniture, appliances, homewares and linens. It carries 32 in-house brands and looks to expand its product portfolio further.

“These new AllHome stores will be built closer to residential communities as more and more consumers deem it a priority to lessen movement and shop closer to home,” AllHome Chairman Manuel B. Villar, Jr. said.

AllHome booked a 37% income drop to P275.65 million in the first six months of the year, while its revenues dipped 4% to P4.85 billion.

Its shares at the stock exchange closed at P6.08 each on Monday, down one centavo or 0.16% from the last session. — Denise A. Valdez

How creators can make more money online? Merchandise

MANY people have made a career for themselves online as YouTube creators or as influencers on other social media platforms, and while having ads and sponsorships may bring in a lot of money, a company specializing in creating branded merchandise said that there’s no better way to strengthen one’s personal brand and create another revenue source than by having your own merchandise, especially for those just starting out.

“If they’re starting their channels now [they should] already be thinking about their branding, and thinking about how they want to be perceived in public… and if they hit 10,000 subscribers, maybe start thinking about things they could offer your fans because you’re unlikely to get a lot of demand from brands and to do a lot of branded posts at that level,” David Nicholls, CEO and founder of Australian merchandise platform Flash Fomo in an interview with BusinessWorld in September over Zoom.

Mr. Nicholls pointed out that having merchandise — shirts, mugs, etc. — featuring your own brand is a great way to earn revenue without having to rely on ads and sponsorships. YouTube’s top creator, PewdiePie (real name: Felix Kjellberg) reportedly earned more than $7 million on merchandise alone in 2019.

Merchandise, he said, is also a way to strengthen your brand and carve your own market.

“There are hundreds of thousands of influencers, all with big audiences, but if you’ve got a real niche audience and it’s working well for you, then you’ll be able to drive sales of your products anyway and you don’t need brands to sponsor you,” he said.

Flash Fomo was launched in 2019 and is currently focused on getting creators on their service, in the Philippines. Among its customers is Jamill (Jayzam Lloyd Manabat and Camille Trinidad). Jamill currently has more than 11 million subscribers and their videos range from prank videos to day-in-the-life videos.

The company functions as a subscription service where, starting at $19 a month, an influencer can create up to nine products, have their own dedicated online store, and have Flash Fomo handle fulfilment and order management. Creators also pay transaction fees of about 5% (lower at higher subscription tiers).

Mr. Nicholls explained that in having a subscription model they put “more profits in the creator’s hands and give them more control of their own brand,” as other merchandise companies, he said, take their earnings from the percentage of merchandise sold.

“They can make their money back with one product sold [with Flash Fomo],” he explained.

While some creators may already have designs for their merchandise in mind, for those that don’t, Flash Fomo also offers design services.

It also offers more than 500 products on its platform, from shirts and mugs to bedsheets, bags, and even jewelry. The products are manufactured in Australia, Vietnam, India, China, and Japan, among others.

Who should think about creating their own merchandise? Well, it’s tied to the kind of content they are producing and the kind of audience they have, according to Mr. Nicholls.

Musicians, he said, sell well because their fans typically buy shirts and other products during live shows. “Informers,” he said, also sell well and he described this category of creators as those who offer something beyond entertainment value like a tech reviewer.

“If that tech expert comes out with a tech product, then I’m more likely to go buy that because they already made a name in that space,” he said, noting that YouTubers and influencers on Instagram sell well.

What does not convert as well, he said, are those who get popular in TikTok, whom he called “Entertainers.”

“They don’t convert at the same levels as YouTube… someone who does a quick dance for 15 seconds might have 20 million followers but they may not necessarily convert because they don’t have a niche,” Mr. Nicholls said.

“If you’re a small creator, size doesn’t really matter in the industry as it’s about having that niche audience and strong followers,” he added. — ZB Chua

NGCP turns over housing project in Valenzuela City 

POWER grid operator National Grid Corporation of the Philippines (NGCP) said Monday it turned over to the city government of Valenzuela the first batch of low-rise homes in a joint in-city housing project for informal settler families.

“NGCP and the City of Valenzuela, together with Gawad Kalinga, worked hand in hand to give residents of the city a safer living environment, away from the dangers posed by living near or under high voltage transmission lines,” the privately owned company said.

The dwellings are in Disiplina Village, which it described as a “product of collaborative efforts to serve the community in order to protect them and give them a safer place to live in.” The turnover was on Oct. 15.

NGCP said it had worked with Valenzuela City to relocate residents previously living within the transmission right-of-way corridor to prevent accidents that might happen because of their proximity to the high voltage power lines.

The move was also in line with the enactment of the Republic Act 11361 or the Anti Obstruction of Power Lines Act, it added. The law aims to ensure the uninterrupted flow of power by prohibiting construction of structures and conducting any activity within or along the power line corridor.

In February last year, NGCP, the Valenzuela City local government unit and Gawad Kalinga broke ground on the 2.5-hectare city property to put up the in-city relocation site. The housing project, which costs more than P282 million, is comprised of 22 three-storey low-rise buildings with 792 units, and is scheduled for completion by 2021.

The five newly constructed buildings with a total of 180 units will be given to residents of Brgy. Mapulang Lupa and Ugong who were previously residing along the transmission line corridor of NGCP’s San Jose-Quezon 230-kilovolt line.

‘Stanning’ Stray Kids

ONE of the major casualties in the global COVID-19 (coronavirus disease 2019) pandemic is the live entertainment industry. For K-pop in particular, concerts, music shows, and festivals, and fan meetings — whether on a grand scale or even the relatively small and intimate ones — are temporarily on hold as the world still grapples with how to keep the virus at bay. Given the consistently high demand for Korean entertainment and content, agencies and brands have joined forces to continue to stage events — but the medium has shifted to online.

Over the weekend, telecom giant Globe staged a virtual fan meeting with Stray Kids, one of the fastest rising K-pop groups formed by JYP Entertainment. The fan meet was shown through the live video streaming app, V Live.

The eight-member band was scheduled to perform in the country for the Manila leg of its District 9 Unlock World Tour, which was initially rescheduled from April 25 to June 20, but thereafter postponed to a later, though unspecified, date. It would have been their second major concert in the Philippines, following their successful Unveil Tour: “I am…” in Manila in April 2019.

“It’s really thrilling and exciting to be able to see Stays (their fandom) even if online,” said  Stray Kids member Hyunjin. “We can’t see each other face-to-face but having this kind of opportunity through Globe to see each other virtually is heartwarming and touching at the same time.” Aside from Hyunjin, four other Stray Kids members, namely, Lee Know, Felix, Seungmin, and I.N joined in the fun. The other members — Bangchan, Changbin, and Han — were unable to attend due to prior commitments. Hosted by Korea-based Filipino actress and emcee Cherish Maningat, the fan meeting was divided in two parts. The first segment ran for 30 minutes and was streamed for free. More than 122,000 fans accessed the site. The second segment, also for a little over 30 minutes, was exclusive for fans who had won access codes to the event from KmmunityPH. There were also 30 pre-selected fans whose faces were flashed on an LED screen, with five of them given the chance to play a game with the 2018 Rookie Artist of the Year.

There were the usual question-and-answer portion, games, and even a photo opportunity with the Stray Kids but only through the screen. Online fan meetings do not evoke the same kind of euphoria as a physical encounter where a “high touch” is a common perk. To compensate, some organizers throw in one-on-one video chats for some paid fan meets. For this event, a performance was excluded from the program.

The Stray Kids said that the global health concerns have also affected their activities. However, they make the most of their downtime by working on new songs, taking on new hobbies such as boxing, and listening to their favorite music including that of actress-singer IU. They added that taking selfies and posting them online also help keep their happy disposition.

“I really want to have our own concert soon,” said Lee Know, who was gifted with a surprise video for his 22nd birthday on Oct. 25.

“We look forward to visiting again our fans from other countries, including those in the Philippines,” I.N added.

To the delight of the fans, Stray Kids played a game where they guessed some Filipino words as depicted by the photos shown by the host. In the second half, the members partnered with five fans in a relay game.

During another Q&A round, Seungmin said receiving a lot of love and support from people around is the best part of being an “idol.” For those dreaming of becoming musicians like them, Felix also advised that “finding their passion” is key.

In a special video message, fans said they cannot wait for Stray Kids to return to the stage for a live performance. Meantime, they will content themselves with watching the group online as well as enjoying their music videos.

While it may still take time before we all enjoy another live concert experience, fans will have to make do with online events. Under the new normal, “stanning” (being a fan) has inevitably transcended the conventional and the physical to a wider, though much less engaging, virtual medium. — CMSV

Filinvest expands Cebu flagship project

THE FILINVEST Group is expanding one of its flagship projects, City di Mare, in Cebu City to adapt to the changing needs of consumers amid the “new normal.”

In a statement, Filinvest said it recently acquired an additional 9.6 hectares of land to be developed into a mixed-use project with residential, office, commercial, and retail components in South Road Properties, Cebu.

“With this new land bank, City di Mare will further foster a live-work-play lifestyle in the community,” the company said.

City di Mare already has residential buildings that are ready for occupancy, such as Sanremo Oasis and Amalfi, as well as a lifestyle complex IL Corso by Filinvest Lifemalls. It also features a park where residents and visitors can enjoy the outdoors while practicing social distancing.

To address the changing needs of the community, the company is building a pedestrian bridge with a bike lane that will connect City di Mare to IL Corso. It also plans to add a mixed-use block that will feature a school/university, office buildings, and retail area.

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