FINALLY
    Filinvest consortium taking over Mimosa leisure estate

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    CLARK FREEPORT – Filinvest Mimosa, Inc., the new company formed by the consortium of Filinvest Development Corp. (FDC) and Filinvest Land, Inc. (FLI) which won the bid for the former Mimosa Leisure Estate here, has signed a 50-year contract with Clark Development Corp. (CDC) for its takeover of the estate.

    Over this period, Filinvest Mimosa will develop, manage and operate the estate under a contract renewable for another 25 years, the CDC said.

    The contract includes operation and management of a hotel with 303 rooms, more than 100 villas, and two golf courses. The estate has around 50 more hectares that could be developed for related ventures, the CDC noted.

    “We are looking forward to managing and operating this leisure estate 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 said 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.”

    The Mimosa estate was initially developed and managed by Mondragon, a firm owned by former Tourism Sec. Jose Antonio Gonzalez. During his short-lived term, Pres. Estrada ordered the government to take over the estate amid controversy of lease payments due to the CDC. Since then, the estate has been under the management and operation of the CDC.

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