Filinvest Land Inc., the property unit of the Gotianun family, said it will spend P5 billion over the next five years to renovate and develop the 201-hectare former Mimosa Leisure Estate owned by state-controlled Clark Development Corp.
Filinvest Land president Josephine Gotianun-Yap said in an interview at the sidelines of the annual stockholders’ meeting the company would build office, residential and retail components within the Mimosa complex in the Clark economic zone.
She said the company would initially renovate villas and other facilities in the area which are now deteriorating.
“We have to make renovations in the area and bring it to a higher standard and level of development. But we plan to have mall, office and residential developments within the area as well,” Gotianun-Yap said.
Filinvest Land in joint venture with parent Filinvest Development Corp. in January this year bagged a long term lease contract for the former Mimosa Leisure Estate.
The Filinvest Group was the lone bidder for the property. It submitted a financial offer of P800 million, which was the minimum acceptable bid.
Gotianun-Yap said the company could immediately develop the Mimosa property after CDC resolved a commercial issue being raised by the creditors of Mimosa.
The former Mimosa Leisure Estate is located in Clark Freeport Zone. 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.
CDC took over Mimosa Leisure Estate during the Estrada administration after former developer Mondragon Leisure Resorts Corp. of former tourism secretary Jose Antonio Gonzales failed to pay its lease rentals and other financial obligations.
Aside from Mimosa, Filinvest Land is also set to do a master plan on the 228-hectare section of Clark Green City.
The property firm said it would allot at least 100 hectares for industrial estate development and the rest for mixed-use developments, including hotel, residential and office developments.
Filinvest Land this year is set to start developing the 1.1-hectare property in Cubao, which is envisioned to be a mixed-use development with a four-storey mall, several office towers for business process outsourcing industry an a residential tower.
It also plans to transform the former Philcomcen property in Ortigas district into an office building development