Filinvest Mimosa, Inc., as the winning bidder in the privatization of the former Mimosa Leisure Estate, has signed the lease agreement with Clark Development Corporation for a term of 50 years, renewable for another 25 years.

FMI is a new company formed by the consortium of Filinvest Development Corporation (FDC) and Filinvest Land, Inc. (FLI). Over the 50-year period, Filinvest Mimosa will develop, manage, and operate the estate.

The former Mimosa Leisure Estate is located in Clark Freeport Zone, Philippines, approximately 100 km north of Metro Manila. Currently, the 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.

“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,” said Filinvest Mimosa and FDC President Josephine Gotianun-Yap.

She added that, “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.”

For the Mimosa project, FDC draws from its experience in the hospitality industry. With the award-winning Crimson Resort and Spa in Mactan, Cebu, Crimson Hotel in Alabang, and Quest Hotel and Conference Center in downtown Cebu, FDC manages over 1,000 rooms.

Currently under construction is the 192-room Crimson Resort and Spa in Boracay, to be added to the portfolio at the end of 2016. In addition, there are 732 rooms in the planning stage in various areas around the country.

Filinvest Group also brings its expertise in large-scale, township development to the table as the developer behind the 244-hectare Filinvest City in Alabang, Muntinlupa and the 70-hectare City di Mare at the South Road Properties in Cebu City, both as joint ventures with the government.

Filinvest City was recently awarded the Best Mixed-Use Development in the Philippines during the Asia Pacific Property Awards.

FLI, one of the leading property giants in the country, 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.

Most recently, the company signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) for a 288-hectare, mixed-use development in Clark Green City, Tarlac.

Source: Manila Bulletin
By: James Loyola
*Minor corrections applied