MANILA, Philippines – The Clark Development Corp. has issued a notice of award to the Filinvest Group for the lease, development, and management of the former Mimosa Leisure Estate in Pampanga.
The consortium of Filinvest Development Corp. and subsidiary Filinvest Land, the lone bidder, bagged the right to lease the 201.64-hectare estate for a period of 50 years. The contract is renewable for another 25 years.
It submitted a financial bid of P800 million, the minimum acceptable bid.
“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,” said FDC president Josephine Gotianun-Yap.
Gotianun-Yap said the estate would be developed through a joint venture company with the consortium and CDC owning 95 percent and five percent, respectively.
Located in Clark Freeport Zone, the former Mimosa estate includes an operating hotel with 303 rooms and 34 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 construction.
Among its portfolio of hotels are the Crimson Resort and Hotel in Mactan, Cebu and the Crimson Hotel in Alabang.
Also under construction is the Crimson Resort and Hotel in Boracay.
In Cebu, FDC manages the Quest Hotel, a development of FLI.
The group currently has 1,027 rooms in the planning stage in various areas around the country.
Gotianun-Yap said 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.
“Together, FDC and FLI bring more than five decades of experience to manage and develop the former Mimosa property,” she said.
Earlier this month, FLI signed a joint venture agreement with the Bases Conversion Development Authority for the development of the 288-hectare section of Clark Green City.
“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.