Filinvest to take over Mimosa Clark

MANILA, Philippines - Filinvest Development Corp. (FDC) of the Gotianun family has inked a lease agreement with Clark Development Corp. (CDC) for the development of the Mimosa Leisure Estate in Pampanga.

The lease agreement has a term of 50 years and is renewable for another 25 years, FDC told the local bourse yesterday.

“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.

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,” FDC president Josephine Gotianun-Yap said.

Filinvest Mimosa Inc., a company formed by the consortium of FDC and property unit Filinvest Land Inc., won the bidding for the privatization of the former Mimosa Leisure Estate in January this year.

Gotianun-Yap said in an interview last week the company was committed to spend P5 billion to develop the estate over the next five years.

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

The 202-hectare 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 Zone.

Mondragon Leisure and Resorts Corp. of businessman Jose Antonio Gonzales used to own the Mimosa estate until the CDC took over management and operations of the said property in 1999 after securing a favorable court order over its dispute with MLRC for non-payment of tax and rental fees worth about P325 million.

FDC plans to bring its vast experience in the hospitality industry and in township developments for the Mimosa project.

The Filinvest Group, which is behind the 244-hectare Filinvest City in Alabang, is currently developing several townships including the 677-hectare Timberland Heights and 300-hectare Havila in Rizal, and the 350-hectare Ciudad de Calamba in Laguna.