Filinvest holding firm to issue P3-billion bonds

Filinvest Development Corp. (FDC), the listed investment holding company of the Gotianun family, has approved the issuance of up to P3 billion worth of peso-denominated corporate notes or bonds.

In a disclosure to the Philippine Stock Exchange, FDC said it has tapped HSBC as lead manager for the notes/bond issue.

The company’s board has authorized its president Josephine Gotianun-Yap to negotiate the terms and conditions of the proposed issue.

At the same time, the board approved the conversion of Seascapes Beach Club and Spa Inc., a wholly-owned unit, from a non-stock and non-profit private membership club into an ordinary stock corporation subject to regulatory approvals.

FDC property unit Filinvest Land Inc. has earmarked around P10 billion for seven projects which include a resort-town development, a 25-story condotel (condominium and hotel), residential subdivisions and condominium buildings.

Of the seven projects, four are located in Lapu-Lapu City. These are the 10-hectare Aldea del Sol, Mactan Tropics 1 and 2 and Seascapes, a 12-hectare residential and resort project composed of casitas, seaside subdivision lots, villas and condominium units.

The other projects are Grand Cenia, One Oasis and Corona del Mar.

Estimated to cost P1.4 billion, One Oasis will be composed of nine five-story buildings. Construction of the project is expected to start in the first quarter next year. The project will have resort amenities such as children and adult pools, jogging and walking paths, multipurpose clubhouse, elevators for each home cluster, a basketball court and a children’s play area.

FLI has spent around P250 million to P300 million for land acquisition and developed a total of 50 hectares of raw land in Lapu-Lapu City and 3.7 hectares in Talisay City both in Cebu.