Filinvest Development Corp. (FDC) said unit Filinvest Alabang Inc. (FAI) has signed a joint venture agreement with Mitsubishi Corp. for the acquisition by the latter of a 40 percent interest in FAI’s 17,000-square-meter land at the heart of Filinvest City in Alabang.
FDC said the parties will then develop a multi-tower, mixed- use complex through a joint venture company.
“This new project is envisioned to be another prestigious development that will feature grade A office spaces complemented with impressive retail concepts in the area. Closing of the transaction is subject to the satisfaction of certain conditions precedent, including obtaining approval from the Philippine Competition Commission,” it said.
Strategically located at one of the finest blocks in Filinvest City, the new mixed-use development will be situated across the newly expanded Festival Mall and adjacent to the premier residential strip Parkway Avenue, FDC said.
“With the ongoing enhancement of Filinvest City, the project will also have direct access to the much-anticipated Central Park, which is another crown jewel development,” it added.
“We are very pleased to enter into an agreement with Mitsubishi Corp. and we are looking forward to this partnership. We are optimistic that our synergy will bring forth another first-of-its-kind development that will complement the growth and vision of Filinvest City,” said Catherine Ilagan, FAI president.