The Gatchalian-led Waterfront Philippines, Inc. (WPI) won the right to lease, develop, operate and manage the 215-hectare Mimosa Leisure Estate in Clark, Pampanga.
This was confirmed by the publicly traded company in a disclosure to the stock exchange Wednesday.
“The board of Clark Development Corp. (CDC), in its July 4 meeting, decided to issue the Notice of Award to WPI for the lease, development, operation and management of the former Mimosa Leisure Estate,” assistant corporate secretary Arsenio Alfiler Jr. said.
The BUSINESSMIRROR tried reaching WPI president Kenneth Gatchalian but his staff said the group is not yet ready to disclose details on the matter.
The company, which operates a chain of Waterfront Hotels in Cebu and Davao, as well as the Manila Pavilion Hotel on UN Avenue in Manila, bested other local and foreign bidders for the Mimosa Estate.
CDC has to rebid the privatization of estate for the third time after it nullified the winning bid of Korean firm NTM Jin Hung for alleged failure to fully pay the required amount stipulated in its bid contract.
The CDC has set the minimum bid price of P1.4 billion for the Mimosa Leisure Estate.
In 1998, CDC took control of the management and operations of Mimosa, after its former owner Jose Antonio Gonzales of the Mondragon Leisure and Resorts Corp. failed to settle it obligations with the government.
The amount represents government claims in arrears of the estate that has been managed by CDC’s Special Project on Resort Operations after the state- owned firm took over the estate in 1999.
Mimosa Estate is composed of the 38-hole world class golf course, clubhouse, more than 200 Montevista villas Holiday Inn, a casino operated by the Philippine Amusement and Gaming Corp. and Industrial laundry and Veranda Restaurant.