Filinvest bags Mimosa estate deal

THE FILINVEST group of the Gotianun family has bagged a deal to develop the sprawling 201.64-hectare Mimosa leisure estate in Clark Freeport, scaling up its footprint in this major growth hub in Central Luzon.

The consortium composed of Filinvest Development Corp. (FDC) and Filinvest Land Inc. (FLI) was given a notice of award dated January 27 by the state-controlled Clark Development Corp. (CDC) for the 50-year lease, development, operation and management of Mimosa.

Earlier, FLI also bagged from CDC’s parent firm Bases Conversion Development Authority (BCDA) the right to develop a 288-hectare section of Clark Green City, envisioned to be the country’s first smart, green and disaster-resilient metropolis.

“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 said.

The right to lease, manage, operate and develop the Mimosa estate was auctioned off by CDC to private investors for a minimum bid of P800 million. In a disclosure to the Philippine Stock Exchange on Thursday, FDC said the consortium was the lone bidder and on January 15, submitted the minimum acceptable bid.

The former Mimosa leisure estate is around 100 kilometers north of Metro Manila. Currently, the property includes an operating hotel with 303 rooms and 34 four villas under the Holiday Inn brand as well as a 36-hole golf course.

The estate will be developed through a joint venture corporation, with the Filinvest consortium and CDC holding 95 percent and 5 percent, respectively. The 50-year lease is renewable for another 25 years.

The Filinvest group – developer of the 244-hectare Filinvest City in Alabang, Muntinlupa and the 70-hectare City di Mare at the South Road Properties in Cebu City – is seen to bring its expertise in large-scale real estate development to this new project. It is also 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 chief executive officer of both FDC and FLI.

The company will soon start mapping out its development plan for the estate.

“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,” Gotianun-Yap said.