Filinvest Land Inc. plans to convert Timberland Sports and Nature Club in San Mateo, Rizal into a commercial and leisure resort development.
Filinvest Land disclosed the plan after obtaining the approval of the Securities and Exchange Commission to voluntarily suspend its permit to sell the club shares of TSNCI, a move that will deregister the securities and exempt it from certain reportorial requirements under the Securities Regulation Code.
“This approval is a first step towards the conversion of TSNC from an exclusive private membership club to a commercial resort. TSNC will no longer offer non-proprietary club shares and has asked the SEC for the revocation of its license to sell club shares,” Filinvest Land said.
Filinvest Land explained the new structure would allow it to renovate and upgrade the facilities without burdening club members and allow TSNC to open its facilities for weekend sport and mountain bike enthusiasts and to the MICE (Meetings, Incentives, Conferencing and Exhibits) market that will ensure a self-sustaining business model and a more expanded resort and conference offering.
“The planned renovation will upgrade TSNC facilities into a resort hosting an extensive range of amenities anchored on nature, health, and wellness. TSNC has hotel rooms, function rooms and ballrooms to complete its offering as a resort and MICE destination,” Filinvest Land said.
Filinvest Land senior vice president Francis Ceballos said TSNC had been receiving requests from non-members to experience the facilities at the mountain resort.
TSNCI is located on one of the highest points within Timberland Heights, the 677-hectare master-planned premier mountain resort township being developed by Filinvest Land in San Mateo, Rizal.
It is the closest mountain resort community to Metro Manila, reachable within just 15 minutes’ drive from the Batasang Pambansa complex in Quezon City.
Timberland Heights offers residential homes, farm lots and recreational facilities with a breathtaking 360-degree view spanning from Mt. Arayat in the north to the Tagaytay ridge in the south, panoramic vistas of Metro Manila and the bay, and the Sierra Madre Mountain range.