Photo credit to Family in Business

Filinvest Group will start developing a large parcel of land in Clark this year, positioning itself to capitalize on the upbeat growth prospects of the northern corridor. 

On the sidelines of the company’s annual shareholder meeting in Ortigas District, Filinvest Land, Inc. President and Chief Executive Officer Lourdes Josephine Gotianun-Yap told reporters that Filinvest Group has committed to spend P5 billion this year to develop the Mimosa Leisure Estate over the next five years, inclusive of the P800-million financial bid, the minimum acceptable bid. 

Filinvest Group is signing the lease agreement with Clark Development Corp. today, April 22, 2016. The consortium of Filinvest Development Corp. (FDC) and its real estate arm Filinvest Land was the lone bidder for the 201.64-hectare property on January 15. 

“The Mimosa property will have mall, office and hotel components, but initial work will focus on the renovation of the existing developments,” Mrs. Yap said. 

Meanwhile, Filinvest Group broke ground on the 288-hectare section of Clark Green City last weekend. , but it will take a while before it can start developing the property because the government will still have to develop the access roads. 

Its portion of the 9,450-hectare Clark Green City will feature a 100-hectare industrial estate and the rest will be a mixed-use community with residential, office and mall components. 

“Filinvest Land may tap the capital markets with the sale of bonds this year to finance its capital expenditure budget of P20 billion – higher than the P17-billion investment in 2015,” Mrs. Yap said. 

“We’re building up our recurring income to a million square meters by 2019. For all our projects, we need to raise bonds,” she said. 

Filinvest Land is bringing to the market new projects with an estimated value of P14 billion this year – higher than the P12.5 billion worth of new projects launched last year. 

As part of FLI’s plan to triple the Gross Leasable Area (GLA) of its BPO office buildings by 2019, Filinvest is targeting to complete two more office buildings: Vector 3 with a GLA of 36,345 sqm. in Northgate Cyberzone and Pasay Cyberzone with a GLA of 36,807 sqm. 

For its retail portfolio, Festival Supermall at Filinvest City is expanding by another 46,705 sqm. to its GLA, maintaining its position as the biggest mall in South Metro Manila. 

Il Corso Lifestyle Strip, a retail project in South Road Properties in Cebu, will contribute a GLA of around 35,000 sqm. when fully completed. FLI has also commenced the construction of malls both in Tagaytay City and near Princeton Heights, one of its residential projects in Cavite. 

Source: Business World
By: Krista Angela M. Montealegre
*Minor corrections applied