Industry

Filinvest Zeroes In on the Next Major Urban Center in the Country

The property giant raked in P3.8 billion during Q1 of this year.
IMAGE Wikipedia
Comments

The Clark Freeport and Special Economic Zone is poised to become the next major urban center in the country, and investors know it. Seizing key stakes in the high-growth Clark corridor is Gotianun-led Filinvest Development Corporation (FDC), which is currently in the process of developing the 201-hectare Filinvest Mimosa+ Leisure City and its 303-room Quest+ Hotel, two championship 18-hole golf courses, and two fully-leased out BPO office buildings.  

“We see a lot of potential in this area, as Central Luzon registered 7.2 percent GDP growth in 2018, higher than the national growth rate,” says FDC president and CEO L. Josephine G. Yap.  

More than $200 million has been allotted by FDC to a casino resort project in Filinvest Mimosa+ Leisure City, which is also expected to include a lifestyle mall, a five-star hotel, and an events venue. Acquiring a provisional license by the Philippine Gaming and Amusement Corporation, the casino project is being headed by Mimosa Cityscapes, Inc., a subsidiary of FDC’s Filinvest Hospitality Corporation.  

ADVERTISEMENT - CONTINUE READING BELOW

The conglomerate is also directing its focus to New Clark City, just north of Filinvest Mimosa+, in coordination with the Bases Conversion Development Authority. The expansive development project is currently underway, with the Filinvest group breaking ground on the 288-hectare development. Phase 1 of Filinvest’s New Clark City project is expected to begin construction this year with completion targeted at 2020. The first phase will be comprised of a 64-hectare innovation and logistics park.  

“We start a new phase in the FDC story with our entry into infrastructure and logistics parks in New Clark City. Not only will these provide balance to our more cyclical property and banking segments and add another layer of diversity to our income mix, but these will also complement existing investments in the dynamic Clark corridor,” says Yap.  

A leading consortium member of the Luzon International Premier Airport Development Corporation with a 42.5 percent stake, the group is also in the early stages of a recently signed 25-year contract to develop commercial assets, operate, and maintain project facilities, and fit-out the new terminal in the Clark International Airport. FDC’s partners in this venture are JG Summit, Changi Airports Philippines (I) Pte. Ltd., and Philippine Airport Ground Support Solutions, Inc.  

ADVERTISEMENT - CONTINUE READING BELOW

FDC’s Clark investments coincide with its steady income growth as the corporation’s consolidated net income in the first quarter of 2019 hit P3.86 billion. This is a 50 percent surge from its income during the same period in 2018, signaling a strong three-month start to this fiscal year.

Comments
View More Articles About:
Recommended Videos
About The Author
Felix Herrera
View Other Articles From Felix
Comments
Latest Feed
 
Share
Anyone can be an archaeologist on Google Earth.
 
Share
 
Share
Keep your kicks fresh with these tips.
 
Share
Read an entry from Jose Dalisay's latest anthology of short stories Voyager and Other Fictions.
 
Share
 
Share
Dennis Gorecho once celebrated his birthday with Buddy Zabala over ice cream and an old movie.
 
Share
His life and faith is a reminder of the hold of religion in the Philippines.
 
Share
Gino's was the only Philippine establishment in an Asia-wide pizza ranking.
 
Share
Look to the man that wears shades year-round.
Load More Articles
Connect With Us