Filinvest Mimosa signs lease agreement with CDC to operate Clarkfield’s Mimosa Estate for 50 years

FILINVEST Mimosa Inc., the new company formed by the consortium of Filinvest Development Corp. (FDC) and Filinvest Land Inc., on Monday said it has signed a lease agreement with Clark Development Corp. (CDC) for a term of 50 years, renewable for another 25 years, for the development of the Mimosa Estate.

Filinvest is the winning bidder for the privatization of the former Mimosa Leisure Estate.  Over this period, Filinvest Mimosa will develop, manage and operate the estate.

The Mimosa Leisure Estate is in Clark Freeport, approximately 100 kilometers north of Metro Manila.

Currently, the property includes an operating hotel with 303 rooms, more than 100 villas and two golf courses. The estate has around 50 hectares of land that can be developed and further enhanced to meet the growing demands of the Clark Freeport.

“We are looking forward to managing and operating this leisure development because we anticipate that tourism will grow significantly in the area, with the Clark airport playing a significant role as an international hub,” Filinvest Mimosa and FDC President Josephine Gotianun-Yap said.

“For Mimosa, we envision an integrated leisure destination that incorporates residential, retail, as well as office developments, within the estate. We are also looking at new hotel developments that will complement the existing ones,” she said.

FDC said it will draw from its experience in the hospitality industry, such as the operation of a resort and spa in Mactan, Cebu and also a hotel in Alabang, Muntinlupa.

Currently, under construction is the 192-room resort in Boracay in Aklan to be added to the portfolio at the end of 2016. In addition, there are 732 rooms in the planning stage in various areas around the country.

The Filinvest Group also brings its expertise in large-scale, township development to the table, as the developer behind 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.

The company recently signed a joint-venture agreement with the Bases Conversion Development Authority for a 288-hectare, mixed-use development in Clark Green City, Tarlac.  

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