Filinvest Land Inc., the integrated property unit of the Gotianun family, started the P5-billion redevelopment of the 201-hectare former Mimosa Leisure Estate in Clark, Pampanga.
Filinvest Land president Josephine Gotanun-Yap said in a recent interview the company’s proposed masterplan for the redevelopment of Mimosa was approved by state-owned Clark Development Corp.
The five-year initial development plan calls for the construction of office, residential and hotel projects in the area.
“In the next five years, we are supposed to spend P5 billion there. The speed of doing beyond P5 billion will depend on the economy. But we are very confident on the economy,” Yap said.
The company started the refurbishment and renovation of existing facilities.
Filinvest Land in joint venture with parent firm Filinvest Development Corp. won a long-term lease for the former Mimosa Leisure Estate in January this year.
The Filinvest group was the lone bidder for the property. It submitted a financial bid of P800 million, which was the minimum acceptable bid.
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 and a 36-hole golf course.
CDC took over Mimosa Leisure Estate during the Estrada administration after former developer Mondragon Leisure Resorts Corp. failed to pay its lease rentals and other financial obligations.
The estate will be developed through a joint venture corporation, with the Filinvest and CDC holding 95 percent and 5 percent respectively. The lease shall have a term of 50 years, renewable for another 25 years.
Aside from Mimosa, Filinvest Land is also set to complete the masterplan for the 228-hectare section of Clark Green City.
The property firm said at least 100 hectares would be set aside for industrial estate development while the remaining landbank would be set aside for mixed-use developments including hotel, residential and office developments.