We are very pleased to enter into an agreement with Mitsubishi Corporation and we are looking forward to this partnership.

Gotianun-led Filinvest Development Corp.’s unit Filinvest Alabang Inc. (FAI) has entered into an agreement with Mitsubishi Corp. (MC) and spend P15 billion developing a multi-tower, mixed-use complex in the city through a joint venture company.

Under the agreement, global integrated business enterprise MC will acquire 40 percent interest in FAI’s near-17,000 square meters of land in Filinvest City in Alabang, FDC told the stock exchange on Thursday, 3 October.

“We are very pleased to enter into an agreement with Mitsubishi Corporation 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,” FAI president Catherine Ilagan said.

The new mixed-use project will feature grade A office spaces and retail concepts. It will be situated across the Festival Mall and adjacent to the Parkway Avenue. The project will also have direct access to the Central Park, another ongoing development.

FDC added that the development is seen to add about 183,000 sqm of mixed-use gross floor area in Alabang’s central business district. The company is aiming to have a combined office and retail GLA of 1.7 million sqm by 2023.

For 2019, FDC earmarked a total of P38.9 billion in capital expenditure to its real estate units Filinvest Land Inc. and Filinvest Alabang Inc. as well as hotel arm Filinvest Hospitality group, primarily for land acquisition and property development.

FDC registered 16 percent higher consolidated net income in the first semester, to P8 billion from P6.9 billion last year on the back of revenue growth aided by contributions from its property, banking, power and sugar businesses.