The Clark Development Corp. -which runs among others Clark International Airport north of Manila- finalized last week a 590-year lease to the Filinvest Group for the development and management of the former Mimosa Leisure Estate in Pampanga. The consortium of Filinvest Development Corp will be in charge of the transformation of the 201.64-hectare estate for a period of 50 years.
“We are very bullish about the Clark area and the prospects of Clark as an international airport hub given the growth in this tourism corridor and the congestion experienced in Metro Manila airports. Our interest in this area is a reflection of our confidence in the growth prospects of the Clark Special Economic Zone” said FDC president Josephine Gotianun-Yap to local newspaper PhilStar.
Gotianun-Yap said the estate would be developed through a joint venture company with the consortium and CDC owning 95 percent and five percent, respectively. Located within Clark Freeport Zone, the former Mimosa estate includes among others a Holiday Inn property offering 303 rooms and 34 villas as well as a 36-hole golf course. It is FDC second project at Clark Freeport Zone.
The company signed in January a joint-venture agreement with the Bases Conversion Development Authority for the development of the 288-hectare section of Clark Green City. The latest project will be Philippines first city built on environment criteria and is due to become an emerging business and leisure destination, an hour away from Manila.