Ownership of Festival Mall transferring to Filinvest REIT Corporation (FILRT) for over P6 billion

February 4, 2025January 27, 2025carlocarrasco

Have you been to Festival Mall in Alabang lately? Some things might change in the near future as the ownership of the shopping and lifestyle mall (first opened in May 1998 as Festival Supermall) is being transferred by the Gotianun Group to Filinvest REIT Corporation (FILRT) in a deal worth more than P6 billion, according to a Manila Bulletin business news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin business report. Some parts in boldface…

The Gotianun Group is transferring ownership of its flagship Festival Mall-Main Mall in Filinvest City, Alabang, Muntinlupa City to Filinvest REIT Corporation (FILRT) in a P6.26 billion deal that marks the real estate investment trust’s entry into the retail leasing business.

In a disclosure to the Philippine Stock Exchange, Filinvest Land Inc. (FLI) said it is selling the 26-year-old Festival Mall to FILRT in exchange for 1.63 billion FILRT shares at an issue price of P3.85 per share under a tax-free property-for-share swap transaction.

“The transaction fulfills FLI’s commitment as the sponsor of FILRT to continually support the growth and expansion of its REIT portfolio through the infusion of high-quality income-generating real estate assets,” FLI said.

It added that, upon the Securities and Exchange Commission’s (SEC) approval of the transaction, FLI and FILRT shall execute a lease agreement for the building.

In a separate disclosure, FILRT said the issue price represents a 30 percent premium over the 30-day volume weighted average price of P2.94 per FILRT share, and falls within the fair value price range provided by FTI Consulting’s Fairness Opinion and LeeChiu Property Consultants, Inc.’s Valuation Report.

The property was appraised by Leechiu Property Consultants, and a fairness opinion was provided by FTI Consulting. A discounted cash flow (DCF) approach was used as the primary method to determine the value of the property.

Under the DCF approach, the future cash flows of the property were discounted using a weighted average cost of capital (WACC) based on a capital asset pricing model. A direct capitalization approach was also used as a secondary reference for the valuation of the property.

For the valuation of the shares, FTI Consulting used various methodologies such as the DCF approach, a dividend discount model, and a comparable public companies’ method, to arrive at a range of values for the fair value of FILRT shares.

The primary common shares to be issued by FILRT to FLI will come from the unissued common shares of FILRT. This will be subject to the approval by FILRT’s shareholders and regulatory approvals.

Upon the SEC’s approval of the transaction, FLI and FILRT shall execute a lease agreement for the property.

“Pursuant to the approval of the transaction, the Board approved the conduct of a special stockholders’ meeting (SSM) to be held on March 4, at 10:00 AM. The record date for the determination of stockholders entitled to notice and right to vote at the SSM is February 10, 2025,” the firm said.

FILRT’s diversification into mall leasing comes after its expansion into the hospitality space with the acquisition of 2.9 hectares of land owned by Filinvest Development Corporation (FDC) in Boracay Island for P1.05 billion in cash.

The land is being leased by Boracay Seascapes, Inc. (BSI), the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.

FILRT President and CEO Maricel Brion-Lirio said this is the company’s first asset infusion since its initial public offering and “not only increases the distributable income to our shareholders in the immediate term but also supports our goal of delivering stable dividends and increasing the potential for capital appreciation in the longer term.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who happens to be a frequent visitor or shopper of Festival Mall, do you think the incoming, new owners will be able to make improvements on the mall somehow? Do you hope that the original cinemas of Festival Mall will get renovated and reopened with the latest cinema technologies in the future?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Have you been to the 2024 Christmas bazaar inside Alabang Hills Village?

December 1, 2024November 30, 2024carlocarrasco

Today is the first day of December. Not only does this reminds us that 2024 is coming to an end, it is also a reminder that Christmas is nearing. That being said, today is also the final day of the 2024 Christmas bazaar of Alabang Hills Village Association (AHVA) and there is still time for you to buy items for gift-giving.

The AHVA’s Christmas bazaar officially launched on the morning of November 29 at the Phase 2 park using the two covered courts – one covered court has the many sellers of assorted goods (bags, clothes, household items, toys, decorations and more) and the other has the small businesses that sell different types of food and beverages. The two covered courts are located along Legaspi street.

*This image shows some of the many sellers at the covered basketball court at the Phase 2 park inside Alabang Hills Village. A wide variety of items are being sold here.*

*Something caught the attention of many at this particular booth.*

*The smaller covered court is where the food and beverages are being sold.*

Meanwhile, there are other sellers of clothing and assorted items occupying spaces in close proximity to Don Jesus Boulevard. For the newcomers reading this, the office of the AHVA is located along Don Jesus Boulevard.

*A few of the other sellers occupying spaces in close proximity to Don Jesus Boulevard.*

If you are located within Alabang or in the nearby BF Homes communities, if your car has a valid AHVA sticker, and if you need to buy products for Christmas gift-giving, I encourage you to take the opportunity to visit the Alabang Hills Village Christmas bazaar today. The bazaar will end tonight at 9PM.

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Alabang Hills Village Association (AHVA) declares Megarahe Sale 2024 a huge success

October 13, 2024October 5, 2024carlocarrasco

Were you able to attend the Megarahe Sale 2024 inside Alabang Hills Village on September 28 or 29? In recent times, the Alabang Hills Village Association (AHVA) declared this year’s edition of the annual Megarahe Sale a huge success.

To see what Megarahe Sale 2024 looked like, you can watch the video I recorded by clicking right here.

To put things in perspective, posted below is the excerpt from their official website update of October 4, 2024. Some parts in boldface…

We would like to thank everyone for participating in our recently concluded community event, the Megarahe Sale 2024.

The Megarahe Sale showcased a total of eighty eight (88) vendors and a large number of attendees and shoppers. It was a weekend of fun selling by our residents, good finds for shoppers & delicious treats for foodies.

We hope to solicit your support once again to the forthcoming community events that are in store for you for the rest of the year.

To see the rest of the message, click https://alabanghillsvillage.com/2024/10/04/megarahe-sale-a-huge-success/

For the newcomers reading this, the Megarahe Sale (sometimes referred to as “Megarahe Sale & Kids Bazaar, Ukay-Okay!”) is held annually inside Alabang Hills Village. Every time it happens, there were lots of vendors selling a variety of goods such as clothes, shoes, bags, wallets and other household items that customers can choose from. Also present were sellers of food and drinks for the needs of visitors.

Going back to AHVA’s message, they specified the exact number of vendors of the Megarahe Sale 2024 although no numbers nor estimates were provided about the people who attended and/or shopped. Of course, it is very challenging to determine how many visitors arrived and how many individual transactions happened.

As the AHVA mentioned in their post, there are still more community events coming before the year ends. To find out about AHVA’s future events, visit https://alabanghillsvillage.com/ or call them at 88508254. You can visit their office at 1 Don Jesus Boulevard inside Alabang Hills Village from Monday to Friday, 8AM to 5PM. Always remember to follow their rules and speed limits whenever you are in the village.

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Memorandum of Agreement (MOA) between Las Piñas City Government and Emapalico Homes HOA signed

July 15, 2024July 4, 2024carlocarrasco

Recently in the City of Las Piñas, a memorandum of agreement (MOA) between the City Government and the Emapalico Homes Inc. homeowners association (HOA) was formally signed which will pave the way for commercial development of a key property, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Las Piñas City Mayor Imelda Aguilar and the officers of the Emapalico Homes Inc. homeowners’ association signed a Memorandum of Agreement (MOA) for the commercial development of their property.

Aguilar said that during the signing of the MOA held last June 19 at the City Hall, the homeowner’s association agreed in converting part of their property into a commercial area while maintaining a portion for use as a tricycle terminal to ensure that essential local transportation remains available.

She said the MOA also highlighted the city government’s commitment to promoting balanced urban development and stimulating economic growth by creating new business opportunities which are expected to enhance the livelihood of residents in Barangay Talon Uno.

Aguilar explained that the plan reflects the city’s broader strategy of promoting sustainable development and in addressing the needs of the community.

She said the project also aligns with the city’s vision of improving infrastructure and living standards through collaborative efforts between the local government and community stakeholders.

The mayor added that the project is anticipated to be a significant step forward in enhancing both the economic and social aspects of Barangay Talon Uno, showcasing a model of sustainable urban development in Las Piñas City.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the MOA signing will open up a lot of new economic opportunities for Barangay Talon Uno residents within the first twelve months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Villar-led group gains extended TRO in legal conflict with BF Resort Village HOA

September 30, 2022September 29, 2022carlocarrasco

In the City of Las Piñas, there is this ongoing legal battle between the BF Resort Village Homeowners Association, Inc. (BFRVHAI) and a group of residents led by Senator Cynthia Villar with regards to a certain bridge and access into the village in relation to the Las Piñas City Friendship Route (note: for the background of the conflict, click here). More recently, the Villar-led group gained temporary advantage in at the Las Piñas Regional Trial Court (Las Piñas RTC), according to a Manila Standard news report.

To put things in perspective, posted below is an excerpt from the Manila Standard report. Some parts in boldface…

Officials of the BF Resort Village Homeowners Association, Inc. (BFRVHAI) lost another round in their legal fight with a group of like-minded Las Piñas residents led by Sen. Cynthia Villar over the opening of a particular street to the general public.

This developed after the Las Pinas Regional Trial Court (RTC) extended to 20 days ending on Oct. 9, 2022 its initial 72-hour temporary restraining order (TRO) issued on September 19 granted to Villar’s camp.

Meanwhile, the court set arguments for the issuance of a preliminary writ of injunction on Sept. 27-30.

The TRO as petitioned by Villar’s group prohibits the implementation of the new village traffic scheme whereby Onelia Jose St. inside the BF Resort Village (BFRV) would be open to the public as classified under the so-called Las Pinas Friendship Route.

Villar, a resident of BFRV since 1976, along with Rommel Dela Cruz and Virgilio Hernandez filed last Sept. 19 the petition for prohibition and mandamus with application for TRO and/or Preliminary Injunction against the BFRVHAI and its officers specifically Euan Rex Toralballa, Michael Roxas, and Angelo Ted Diesmos, among others.

“The Petition seeks to enjoin the respondents from enforcing the new BFRVHAI administration’s traffic scheme and instead comply with the local ordinances on Las Piñas Friendship Route,” said Villar.

“This include allowing Las Piñas City resident-holders of Friendship Route stickers to freely access and pass through the street, roads, avenues and thoroughfares declared to be part of the ‘Friendship Route’ in BFRV under the local ordinances,” she added.

The court found urgency issue a 72-hour TRO to prevent further damage, such as travel costs, productivity, wasted fuel and economic activity slow down to the city residents.

As early as 1995, the city government issued an ordinance directing developers and homeowners associations in Las Piñas to open and allow the public to freely use their streets as alternative routes (so called “Friendship Route”) to ease or decongest traffic along Alabang-Zapote Road and other main streets in Las Piñas, and imposing penalty for any violation.

The ordinance and the subsequent ordinances that followed, particularly City Ordinance No. 715 series of 2006, enumerated the specific streets and roads in every subdivision, village or compound that are covered by the “Friendship Route”.

The BFRV has ten such streets, including Onelia Jose that are part of the “Friendship Route”.

The controversy arose last July 24 after the newly-installed village administration posted security guards at the Onelia Jose St. who prevented Las Piñas resident-holders of the “Friendship” stickers to freely use the Onelia Jose St. that connects to the Zapote River Drive leading to CAVITEX and the bridge that leads to Bacoor, Cavite at a shorter distance.

Under the new traffic scheme implemented, non-BFRV residents, even if they are Las Piñas residents and holders of friendship stickers, will only be allowed entry and exit via Onelia Jose St. by BFRVHAI if they will buy BFRV sticker worth P2,500 per vehicle.

The move by the BFRVHAI’s new administration allegedly created confusion and protests from many Las Piñas residents of other subdivisions and villages since they have been enjoying their right of free access to the friendship route since 1995.

Let me end this piece by asking you readers: If you are a Las Piñas City resident, what is your reaction to this recent development? Do you constantly travel into or through BF Resort Village? If your vehicle has a valid Friendship Route sticker and you need to go to Cavite, is BF Resort Village your primary path for passing through? If you are BF Resort Village resident, what is your opinion about the ongoing legal battle between the HOA and the group of Senator Villar?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco/.

Hundreds Avail of Health Services in Tahanan Village

September 28, 2019carlocarrasco

Hundreds Avail of Health Services in Tahanan Village

This morning, three hundred people – composed of villagers and homeowners association employees – trooped to the village clubhouse to avail of paid varied health services during the Health Check-Up activity organized by Century Club of Tahanan and its partners in Tahanan Village, Barangay BF Homes, Parañaque City.

20190928_071314 — *Century Club of Tahanan president Flor Umali assists some people.*

Before the services started at 6AM, several people were spotted waiting to get in line to be served. Many of them availed of the P350 health package which was composed of good and bad cholesterol check, Triglycerides, Creatinine, SGOT, ECG, blood sugar count, total cholesterol count, BUN, Urice Acid, SGPT, CBC and urinalysis. Most of the attendees not only fasted for ten to twelve hours but also brought samples of their own urine.

Other health services offered were PSA, Hba1c, T3, T4, TSH and Na, K and Ci (electrolytes). Those who had their eyes checked availed of computerized eye refraction. Those who had their consultation with a doctor went on to avail of prescription drugs. Medical test results will be released on October 6.

20190928_071120 — *A line of people waiting for their turn.*

20190928_070930 — *Free food and coffee.*

Century Club of Tahanan president Florencia Umali confirmed to me that her club was delighted that their health project was well attended and that those who availed of the services were satisfied.

“Our project was very nicely attended. Of course, this project would not have been made possible without the support of the Tahanan Homeowners Association board of directors, Barangay BF Homes captain Paolo Marquez, City Councilor Wahoo Sotto, Asian Hospital and the Alviar Laboratory,” Umali said.

Adding further zest to the project apart from the free food and free coffee (provided by the office of Councilor Wahoo Sotto) was a raffle draw which saw some fortunate winners going home happy.

20190928_071052 — *Medicine on the table.*

The Health Check-Up activity on September 28 was a project of the Century Club of Tahanan in coordination with the Tahanan Homeowners Association, Inc. (THA) which is in-charge of the venue.

Tahanan Village Health Check-Up Activity on September 28 Set

August 26, 2019September 3, 2019carlocarrasco

Scheduled for September 28, 2019 is the Health Check-Up activity of residents of Tahanan Village, Barangay BF Homes, Parañaque City. The activity will begin at 6AM and will end at 10AM and those who plan to avail of the services will have to go to the pool side of the village clubhouse where the village clinic is located at.

Currently offered is a package of services priced at P350 which includes good and bad cholesterol check, Triglycerides, Creatinine, SGOT, ECG, blood sugar count, total cholesterol count, BUN, Urice Acid, SGPT, CBC and urinalysis. All of those who intend to avail of the said services are advised to bring their own urine sample and ensure they fast for ten to twelve hours.

Other health services people can choose from are PSA, Hba1c, T3, T4, TSH and Na, K and Ci (electrolytes). There will also be a free computerized eye refraction service as well.

The results of the medical tests will be released on October 6 at the Tahanan Village clinic.

According to Century Club of Tahanan, Inc. president Florencia Umali, the office of Parañaque City Councilor Wahoo Sotto will provide free coffee while the office of Barangay BF Homes chairman Paolo Marquez will provide free servings of arroz caldo with eggs.

The Health Check-Up activity on September 28 is a project of the Century Club of Tahanan, Inc. in coordination with the Tahanan Homeowners Association, Inc. (THA) which is in-charge of the venue.

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Hundreds Avail of Health Services in Tahanan Village

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