FLI may tap Japanese partner for ‘ big’ project
THE FILINVEST GROUP, Inc. (FLI) may take in a Japanese partner for a big-ticket real estate project, as several firms court the Gotianun family for potential joint ventures.
Cyberzone Properties, Inc. ( CPI) President Joseph M. Yap told reporters on Friday the Filinvest group has been attracting “a steady stream” of potential investors from Japan, Taiwan, Singapore and China who are keen on investing in the Philippines.
Filinvest Development Corp. (FDC), the holding firm of the Gotianun family, has interests in real estate development, banking, power, and sugar farming and milling. CPI, a subsidiary of property arm Filinvest Land, Inc., develops office buildings.
“There are many people interested (for joint ventures), but we don’t need money. There’s a lot of interest in the Philippines,” Mr. Yap said.
The Filinvest group, however, may “invite” partners for a large- scale project like the 288-hectare ( ha) portion of the 9,450- ha Clark Green City in Pampanga. It is already in talks with Japanese companies for a potential partnership.
“The industrial park section, we might be open to an investor there who can add value. If we are able to bring in a partner and they can bring locators then it makes sense,” Mr. Yap said.
Japanese firms are eager to participate in the country’s robust growth story and diversify their investments after investing heavily in China and Thailand in the previous years, Mr. Yap said.
“They think the Philippine growth story is good. We’ve had a long history of growth in the country and I don’t think they think that the basics have changed,” he said.
The country’s gross domestic product grew 6.4% in the first quarter of 2017, the second strongest among emerging Asian countries after China.
Last year, the company signed a joint venture agreement with the Bases Conversion Development Authority for a 288- ha., mixed- use development in the 9,450-ha. ClarkGreen City. The part that will be developed by the Filinvest group will feature a 100- ha. industrial estate that will be complemented by residential, office and mall components.
Apart from Clark Green City, the Filinvest group also secured a long-term lease deal for another property in the northern corridor: the 201.64ha. Mimosa Leisure Estate.