Filinvest Development Corp., the holding company of the Gotianun family, is acquiring Choengmon Real Estate Company Limited of Thailand for an undisclosed amount.
FDC said in a disclosure to the stock exchange it signed an agreement to purchase all the issued shares of CRE. CRE is a limited liability company established under the laws of Thailand and is currently developing an international five-star luxury quality resort.
The planned resort will be operated by FDC’s subsidiary under the Crimson brand.
“Closing and completion of the transaction is subject to the satisfaction of certain conditions precedent and completion requirements by each of the parties,” FDC said.
FDC is primarily engaged in real estate, hotels, financial services, sugar, infrastructure and power generation businesses. FDC’s hotel operations achieved a revenue growth of 25 percent in the first nine months to P2.5 billion, boosted by the opening of Crimson Resort and Spa Boracay in November 2018 and Quest Tagaytay in April 2019.
Filinvest Hospitality Corp. has a portfolio of six managed properties with 1,800 rooms under the Crimson and Quest brands. The group also has 2,600 rooms that are in the planning and construction stages, with a target of managing 5,000 rooms by 2023.
FDC is also developing two major townships in the high-growth Clark including the 201-hectare Filinvest Mimosa Plus Leisure City and the 288-hectare Filinvest at New Clark City.
Filinvest Mimosa Plus Leisure City has a 303-room Quest Plus Hotel, two championship 18-hole golf courses and two fully-leased out BPO office buildings.
The construction of additional two BPO office buildings, a strip mall and a new leasing concept called dormitels are ongoing.
Completion of Phase 1 of the Filinvest Innovation Park is expected in the first quarter of 2020. Phase 1, covering 64 hectares, is seen to serve as the economic base of the development.
Linking these two developments is the government-built access road from Subic-Clark-Tarlac Expressway to New Clark City which is nearly completed.
