Manila, Philippines—Together with Clark Development Corporation, which manages the Clark Freeport Zone in Pampanga, conglomerate Filinvest Group formally signed on Monday, April 25, a 50-year lease agreement, renewable for another 25 years, to redevelop the 201-hectare Mimosa Leisure Estate.

Located 100 kilometers north of Manila, the Mimosa Leisure Estate is home to a hotel affiliated with the Holiday Inn hotels and a 36-hole golf course. It has around 50 hectares of land that can be further developed.

Through Filinvest Mimosa Inc., Filinvest Group is investing about P5 billion to redevelop the property into an integrated leisure hub, which incorporates residential, retail and office developments.

“We’re 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 Josephine Gotianun-Yap, president of Filinvest Mimosa and Filinvest Development Corp.

“We’re looking at new hotel developments that will complement the existing ones,” she added.

Filinvest Group is the developer of the Filinvest City in Alabang, Muntinlupa, the 70-hectare City Di Mare at the South Road Properties in Cebu City, the 677-hectare Timberland Heights and 300-hectare Havila in Rizal, and the 350-hectare Ciudad de Calamba in Laguna.

Besides its new contract with Clark Development Corporation, Filinvest Group has also inked an agreement with the Bases Conversion and Development Authority to develop the 288-hectare Clark Green City. (Press Release)