Gotianuns’ Filinvest hikes expansion budget

GOTIANUN-LED property developer Filinvest Development Corp. is investing around P20 billion for business expansion this year, during which development of the Mimosa tourism estate in Clark will also kick off.

The capital spending set for this year is higher than the P17 billion budget last year.

In a report during the stockholders meeting yesterday, FLI president Josephine Gotianun-Yap said the group would continue to invest in recurring income in a wider geographic area, come up with new products diversify geographic footprint to manage market risks, develop mixed-use properties that combine prime investment property portfolio and urban residential product strategy, develop landbank and build township projects in new growth corridors.

On the residential segment, FLI expects to launch P14 billion in new housing inventory this year, rising from last year’s P12.4 billion. Yap told reporters after FLI’s stockholders meeting that the group would still be focused on the “affordable” and lower middle-income segment of the market, or that with unit prices above P1 million but no more than P2.5 million.

In partnership with parent firm Filinvest Development Corp., FLI has bagged a deal to develop the sprawling 201.64-hectare Mimosa leisure estate in Clark Freeport, scaling up its footprint in this major growth hub in Central Luzon. This will be for the 50-year lease, development, operation and management of Mimosa.

Earlier, FLI also bagged the right to develop a 288-hectare section of Clark Green City, envisioned by the state-controlled Bases Conversion Development Authority (BCDA) to be the country’s first smart, green and disasterresilient metropolis.

For Clark Green City, Yap said the BCDA would still have to build the access roads for the next two years before the group could start working on the project. But for Mimosa, she said this project could start immediately, involving the renovation and construction of additional areas.

She said the group had committed to invest P5 billion in Mimosa for the next five years.

“We can do it in phases but we want to bring everything to a higher standard,” she said.