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Business

PCC approves Filinvest, Mitsubishi partnership for property development

Iris Gonzales - The Philippine Star

MANILA, Philippines — The Gotianun family’s Filinvest Development Inc. has received the approval of the Philippine Competition Commission (PCC) to proceed with its partnership with global business giant Mitsubishi Corp. for the development of a mixed use property in Alabang.

In a recent decision, the government’s anti-trust body said the proposed partnership would not result in substantial lessening of competition in the markets for commercial real estate developments.

“This is because post-transaction, sufficient competitive constraints remain from other market participants within and outside of Alabang, Muntinlupa City,” the PCC said.

Last October, Filinvest through Filinvest Alabang Inc. said it was partnering with Mitsubishi for the development of a portion of Filinvest City in Alabang into a mixed use property with an investment of P15 billion.

Under the agreement, Mitsubishi will acquire a 40 percent interest in FAI’s almost 17,000 square meters of land at the heart of Filinvest City.

The parties will jointly develop the property as a multi-tower, mixed-use complex through a joint venture company.

Proponents will invest an estimated P15 billion for the project, which is anticipated to add approximately 183,000 square meters of mixed-use gross leasable area in the central business district in Alabang.

FAI and MC are set to bring in their expertise and experience in the fields of construction, operations and management, and urban development, to create their first shared innovative landmark.

The new project is envisioned to be a landmark development that will feature grade A office spaces complemented with impressive retail concepts in the area.

The project is strategically located in Filinvest City, Alabang. Specifically, the new mixed-use development would be situated across the newly expanded Festival Mall and adjacent to the premier residential strip Parkway Avenue.

FAI is a subsidiary of Filinvest Development Corporation, focusing on mixed-use urban developments in Metro Manila using modern and ecological urban planning and design.

FILINVEST

MITSUBISHI

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