Property developer Filinvest Land Inc. said Tuesday it is set to open a new shopping mall as a part of a 5.2-hectare townscape project in Tagaytay City.
Filinvest Land said Fora Mall, a commercial development with 48,000 square meters of leasable space, would open within the second quarter this year.
The shopping mall will have Metro Gaisano as one of its anchor tenants and will offer a number of retail brands and restaurants targeting residents and tourists.
Fora Mall is envisioned to be the newest exciting destination in Tagaytay and will offer other amenities such as a centerpiece amphitheater for weddings, outdoor activities and other events; a botanical garden; canopy walk; and a sky garden.
Filinvest said it was on track with the development of the 5.2-hectare Fora townscape project and recently held the topping off ceremony of its condotel component. Fora is envisioned to be the largest integrated themed destination in Tagaytay City.
The condotel, which will offer 280 units, is expected to be fully operational by end of 2018.
Filinvest Land earlier allocated P4 billion to develop the whole property, representiong the company’s first mixed-use development in Tagaytay.
Centrally located at the heart of the Rotunda junction, next to churches, hospitals and commercial centers, Fora boasts of a 360-degree accessibility carefully designed with the convenience, comfort and ease for visitors.
Filinvest Group of the Gotianun family has extensive experience in developing similarly massive master-planned township projects, such as the 244-hectare Filinvest City in Alabang, the 677-hectare Timberland Heights in San Mateo, Rizal and the 50-hectare City di Mare in Cebu.
Share price of FIlinvest Land closed higher by 1.2 percent to P1.65 Tuesday.
The property firm reported a net income of P1.41 billion in the first quarter, up 7 percent from the same period last year on the back of higher sales from residential and leasing businesses.
First-quarter consolidated revenues jumped 26 percent to P5.9 billion, on significant growth in sales recognized from its residential development business and the continued strong demand for its business process outsourcing space.