Filinvest Group Awarded Lease for Former Mimosa Leisure EstateDate: January 28, 2016
The consortium composed of Filinvest Development Corporation (FDC) and Filinvest Land, Inc. (FLI) was given a Notice of Award dated January 27, 2016 by the Clark Development Corporation (CDC) for the lease, development, operation and management of the former Mimosa Leisure Estate covering 201.64 hectares through a 50-year lease agreement.
“We are very bullish about the Clark area and the prospects of Clark as an international airport hub given the growth in this tourism corridor and the congestion experienced in Metro Manila airports.” FDC President Josephine Gotianun Yap indicated.
Led by FDC, the consortium is a 50-50 partnership between itself and its real estate subsidiary FLI. The consortium was the lone bidder and on January 15, 2016, it submitted a financial bid of Php800 million, the minimum acceptable bid.
The former Mimosa Leisure Estate is located in Clark Freeport Zone, Philippines, approximately 100 km north of Metro Manila. Currently, the property includes an operating hotel with 303 rooms and thirty four villas under the Holiday Inn brand as well as a 36-hole golf course.
FDC has over 1,300 rooms in its portfolio under ownership, management and in construction. The Filinvest group owns the Crimson Resort and Hotel in Mactan, Cebu, the Crimson Hotel in Alabang and is currently constructing the newest Crimson Resort and Hotel in Boracay. It also manages the Quest Hotel in downtown Cebu, a development of FLI. Currently, the group has 1,027 rooms in the planning stage in various areas around the country.
The estate will be developed through a joint venture corporation, with the consortium and CDC holding 95% and 5% respectively. The lease shall have a term of 50 years, renewable for another 25 years.
The Filinvest group brings its expertise in large-scale real estate development to the table, as it has been responsible for the development of both the 244-hectare Filinvest City in Alabang, Muntinlupa and the 70-hectare City di Mare at the South Road Properties in Cebu City, both as joint ventures with the government. FLI is one of the leading property giants in the country, currently developing several large-scale townships in Rizal and Laguna.
“Together, FDC and FLI bring more than five decades of experience to manage and develop the former Mimosa property,” said Josephine Gotianun-Yap, President and CEO of both FDC and FLI. The company will soon commence mapping out its development plan for the estate.
Earlier this month, FLI signed a joint venture agreement with the Bases Conversion Development Authority for a 288-hectare section of Clark Green City, after earlier winning the bid for the development rights of the project.
“We are excited about this addition to our footprint in Northern Luzon. Our interest in this area is a reflection of our confidence in the growth prospects of the Clark Special Economic Zone,” stated Gotianun-Yap.
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