Filinvest sets P2.5-B investment in 2 Clark projects
The Filinvest group plans to invest about P2.5 billion in its two large township projects in the Clark Corridor this year, notwithstanding the coronavirus pandemic that has muted overall appetite for capital spending this year.
The group is developing the 201-hectare Filinvest Mimosa Plus Leisure City and the 288-ha Filinvest at New Clark City. Facilities include the 303-room Quest Plus Hotel, two championship 18-hole golf courses and two business process outsourcing (BPO) office buildings.
Through Filinvest Land Inc., the group is adding two BPO office buildings with 34,000 square meters of gross leasable area (GLA), a strip mall in Mimosa with 5,400 sqm of GLA and a dormitel. At New Clark City, phase one of the Filinvest Innovation Park, which will serve as the economic base of the development, is nearing completion. Linking these two developments is the newly opened government-built access road from the Subic-Clark-Tarlac Expressway to New Clark City.
Filinvest Development Corp. (FDC) also has a 25-year concession agreement to develop commercial assets, operate and maintain project facilities, and fit out a new terminal in Clark International Airport.
The group’s holding firm, FDC reported an attributable net income growth of 23 percent to P12 billion in 2019, driven by a revenue growth of 15 percent. “The COVID-19 pandemic has put an unexpected pause to our 2020 plans,” FDC president and CEO Josephine Yap said in a disclosure to the Philippine Stock Exchange. —DORIS DUMLAO-ABADILLA
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