By VG Cabuag
Clark Development Corp. (CDC) has awarded the contract for the development, operation and management of the vast Mimosa Leisure Estate in Clark, Pampanga, to the Gotianun-led Filinvest Development Corp. (FDC).
The company said on Thursday the agency gave the notice of award for the deal covering 201.64 hectares of land through a 50-year lease agreement on January 27.
“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 and Filinvest Land Inc. (FLI) President Josephine Gotianun Yap said.
The company and its property-development unit will jointly develop the property.
The Filinvest group was the lone bidder for the contract. On January 15 it submitted a bid of P800 million, the minimum acceptable bid.
The Mimosa Estate is inside the Clark Freeport Zone, some 100 kilometers north of Metro Manila. Currently the property includes an operating hotel with 303 rooms and 34 villas under the Holiday Inn brand, as well as a 36-hole golf course.
The estate will be developed through a joint venture, with the Gotianun group holding 95 percent, and CDC the remaining 5 percent.
The 50-year lease is renewable for another 25 years.
“The Filinvest group brings its expertise in large-scale real-estate development to the table,” it said.
Its previous developments include the 244-hectare Filinvest City in Alabang, Muntinlupa, and the 70-hectare City di Mare at the South Road Properties in Cebu City, both joint ventures with the government.
“Together, FDC and FLI bring more than five decades of experience to manage and develop the former Mimosa property,” Yap said.
The company will soon begin mapping out its development plan for the estate.
Earlier this month, the FLI signed a joint venture agreement with the Bases Conversion and 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,” Yap said. The Filinvest group has over 1,300 rooms in its portfolio, and 1,027 rooms in the planning stage in various areas around the country.