shoppers – Author Carlo Carrasco

Festival Mall acquisition boosts FILRT growth and portfolio size

August 17, 2025August 8, 2025carlocarrasco

Remember when Filinvest REIT Corp. (FILRT) acquired Festival Mall for P6.26 billion months ago? Already the premier Alabang shopping mall has boosted the earnings and portfolio size of FILRT, according to a business news report by the Manila Bulletin.

For the newcomers reading this, read my previous posts about Festival Mall (which first opened in May 1998) and FILRT by clicking here, here and here. FILRT meanwhile is reputed for being one of the top taxpayers in Muntinlupa City.

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

Filinvest REIT Corp., the real estate investment trust of the Gotianun Group, declared ₱404 million in fresh dividends after reporting an 8.3 percent growth in net income to ₱651 million in the first six months of 2025 from ₱601 million in the same period last year.

The firm disclosed to the Philippine Stock Exchange that, for the first half of the year, it recorded revenues of ₱1.57 billion, higher by 13 percent from the same period in 2024, resulting from improvements in operations and the addition of Festival Main Mall to the portfolio.

Meanwhile, costs and expenses were contained at ₱613 million, higher by one percent, while other charges were lower by four percent to ₱187 million.

Festival Main Mall started accruing to the revenue stream of FILRT beginning May 29, 2025, equivalent to one month and three days’ revenue contribution.

The addition of Festival Main Mall is seen to improve FILRT’s earnings per share by 5.5 percent in 2025. With the additional asset, FILRT’s portfolio size increased by 37 percent in terms of GLA to 452,310 square meters.

“We are pleased to have infused a value-adding asset into our portfolio through Festival Main Mall. Having this momentum, we look forward to adding more assets and diversifying our tenant base to further the growth of the company,” said FILRT President and CEO Maricel Brion-Lirio.

The company’s portfolio of 17 office buildings, one mall, and one resort lot totaling 452,310 square meters had an occupancy of 86 percent at the end of the first half of 2025, an improvement of five percentage points from 81 percent in June last year.

The current overall tenant mix is comprised of 60 percent offices, 32 percent retail, and the balance for hospitality. Of the offices segment, 84 percent are multinational BPO companies while 16 percent are traditional.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think FILRT will somehow improve the quality of Festival Mall in terms of structure and tenants? Was it a surprise that Festival Mall boosted the earnings of FILRT this early?

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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PLDT Moving Headquarters to Filinvest City

July 5, 2025October 22, 2025carlocarrasco

In relation to the Filinvest Group’s strong confidence with its Alabang central business district (CBD), it has been revealed that telecommunication giant PLDT will relocate its headquarters to the Southgate District of Filinvest City in Alabang, according to a Manila Bulletin news report.

For the newcomers reading this, Filinvest City is located within the Alabang area of Muntinlupa, and it is connected with both the South Luzon Expressway (SLEX) and the Metro Manila Skyway (which itself is connected to the NAIA Expressway and the North Luzon Expressway) which makes travel connectivity convenient. PLDT itself has its current headquarters in Makati City which has lasted for decades. This new development with Filinvest City adds potential business value to Alabang. It should be noted that Filinvest City also has its own local residents.

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

Filinvest City, the premier township developed by the Filinvest Group, is poised for a transformation with the announcement that PLDT Inc., the nation’s largest integrated telecommunications company, will relocate its headquarters to the Southgate District of Filinvest City.

This strategic move, which involves the development of the country’s first tech campus, signals a game-changing moment for the Garden City, paving the way for a smarter, greener, and more connected urban landscape in Metro South.

The decision to move was revealed in a press statement from Filinvest City, noting that PLDT’s choice of Filinvest City followed years of careful study and strategic planning.

The planned five-hectare PLDT campus, envisioned as the future headquarters for the telecommunications group, is slated for progressive development, with initial phases expected to commence soon.

The project draws inspiration from leading global tech campuses and reflects PLDT’s long-term commitment to fostering an innovative and future-ready workplace.

This campus is part of our effort to build a healthier, more collaborative work environment, said PLDT Chairman and CEO Manuel V Pangilinan. He added that it reflects our belief that the workplace must evolve alongside the industries we serve. We hope it will inspire creativity, encourage teamwork, and support the future of PLDT.

The tech campus is designed not only as a headquarters but also as a hub for innovation, collaboration, and digital transformation, aiming to consolidate talent and technology to cultivate a culture of agility and forward-thinking.

This aligns with PLDT’s dedication to shaping the future of connectivity in the Philippines. The development is projected to create thousands of jobs during both construction and operational phases, boosting demand for residential and commercial spaces and supporting local businesses and startups.

It is also expected to attract professionals and innovators to Metro South, reinforcing Filinvest City’s role as a nexus for future-forward enterprises.

Josephine Gotianun-Yap, Vice Chairperson, Filinvest Development Corporation, noted the transformation of Filinvest City from a quiet stock farm into a vibrant garden metropolis, stating that this was achieved through vision, dedication, and a steadfast sense of purpose. She also said, Filinvest City was designed with intention: to foster an environment where businesses thrive, innovation flourishes, and people live well. We believe a great city is not simply a backdrop to success—but a catalyst for it.” She further added that Filinvest remains committed to continued growth and meaningful collaboration, especially with PLDT, as it pursues its mission to empower Filipinos through meaningful connections, digital inclusion, and sustainable progress.

This landmark project reinforces Filinvest City’s commitment to sustainable and integrated urban planning. As the country’s only central business district holding both LEED Gold and BERDE certifications, Filinvest City is recognized for its green building standards and environmentally responsible design. The city’s master plan embraces the live-work-play philosophy, ensuring a holistic urban experience for its residents, workers, and visitors.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think PLDT’s upcoming headquarters in Alabang will create many new jobs and add value to Filinvest City as business and investment destination? Do you think this new development will influence other major corporations to consider establishing new headquarters in Alabang? Do you consider Muntinlupa City a more competitive highly urbanized city (HUC) in relation with PLDT’s upcoming Alabang headquarters?

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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Filinvest Group still optimistic with Alabang central business district

June 29, 2025October 22, 2025carlocarrasco

Even though there are emerging rivals that each have distinctive attractions for businesses and residents, the Filinvest group remains confident and optimistic with its 244-hectare Filinvest City in Alabang, Muntinlupa, according to a business article by BusinessWorld. This is about the current state of corporate cities or central business districts (CBDs) which are contributing a lot to the economy of the Philippines in terms of financial value, jobs, properties and new residential communities.

For the newcomers reading this, Filinvest City is located within the Alabang area of Muntinlupa City, and it is connected with both the South Luzon Expressway (SLEX) and the Metro Manila Skyway (which itself is connected to the NAIA Expressway and the North Luzon Expressway) which makes travel connectivity convenient.

To put things in perspective, posted below is the excerpt from the business article of BusinessWorld. Some parts in boldface…

THE FILINVEST group is banking on unsold inventory and infrastructure readiness at its 244-hectare Filinvest City in Alabang, Muntinlupa to support growth in its township portfolio, as new large-scale developments emerge in Metro Manila and nearby provinces.

Catherine A. Ilagan, president and chief executive officer of Filinvest Alabang, Inc. (FAI), said Filinvest City continues to attract interest from businesses and residents, even as estates such as the 3,500-hectare Villar City, the 700-hectare Vermosa in Cavite, and the 74-hectare Arca South in Taguig expand their footprints.

“We’re the most developed. We have the essentials to back it up. We have the infrastructure and all of the utilities. All of that are already in place. Accessibility is also key. We also have access to talent,” Ms. Ilagan said in an interview with BusinessWorld.

“It takes a long time to develop into a real central business district (CBD),” she added.

FAI is the real estate arm of the Filinvest group, overseeing townships and high-end residential developments.

“In terms of densifying, there’s still a lot of potential for Filinvest City. The outlook for Filinvest City is really positive,” Ms. Ilagan said.

“The release of inventory is very deliberate,” she added.

According to a regulatory filing by the Filinvest group’s listed conglomerate, Filinvest Development Corp. (FDC), FAI beneficially owns 76.4 hectares of unsold lots in Filinvest City as of end-2024, indicating further growth capacity.

Launched in 1995, Filinvest City is a mixed-use township that integrates a CBD, residential communities, leisure destinations, educational institutions, and medical and wellness centers.

It is the country’s only CBD to hold both Leadership in Energy and Environmental Design (LEED) and Building for Ecologically Responsive Design Excellence (BERDE) certifications.

“The LEED and BERDE certifications are testaments to Filinvest City being a green development,” Ms. Ilagan said.

Filinvest City’s sustainability features include a district cooling system that reduces energy use and emissions by servicing multiple buildings, an integrated electric-powered transport system known as the 360 Eco-Loop, and dedicated green spaces and sustainable buildings in Northgate Cyberzone.

Under Ms. Ilagan’s leadership, FAI is replicating the Filinvest City model in other areas as it grows its portfolio of master-planned, sustainable townships and premium real estate developments under the Filigree brand.

Ms. Ilagan brings more than 30 years of experience in real estate and urban development.

“Filinvest City is a ten-minute city. Everything can be reached in ten minutes. This is the DNA that we want to replicate in the other townships,” Ms. Ilagan said.

“We’ve always subscribed to the idea of a balanced live-work-play. That’s the DNA of all of our townships, a well-rounded and balanced development,” she added.

Other FAI-led townships include the 58-hectare City di Mare in Cebu, the 201-hectare Filinvest Mimosa Plus in Clark, Pampanga, the 288-hectare Filinvest New Clark City in Tarlac, and the 677-hectare Timberland Heights in Rizal.

“Whether it’s a small development, a bigger development, a high development, or a denser development, there should always be that balance of live-work-play components. As a real estate developer, that is the sustainable way to do things. Now, we want everything to be walkable,” Ms. Ilagan said.

Let me end this post by asking you readers: What is your reaction to this recent development? What do you think that Villar City, Arca South and Vermosa don’t have when compared with Filinvest City? If you are developing properties, do you find Filinvest City advantageous and attractive for your business needs?

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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SEC approves P6.26 billion deal between Filinvest Land and FILRT, Festival Mall ownership included in deal

June 5, 2025May 30, 2025carlocarrasco

Following the huge deal between Filinvest Land. Inc. (FLI) and Filinvest REIT Corporation (FILRT) and the deed of exchange signed by the two corporations over the ownership of Festival Mall, the Securities and Exchange Commission (SEC) officially approved the P6.26 billion deal putting it closer to completion, according to a Manila Bulletin business news report.

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

The Securities and Exchange Commission has approved the valuation of the ₱6.26 billion property of Filinvest Land Inc. to be acquired by Filinvest REIT Corporation (FILRT) via an asset-for-share swap, putting it a step closer to completion.

In a disclosure to the Philippine Stock Exchange, FILRT said it has received from the SEC the Certificate of Approval of Valuation for its property-for-share swap with FLI under which LI will transfer its ownership over the Festival Mall – Main Mall, consisting of a building and certain machinery and equipment in favor of FILRT.

Festival Mall-Main Mall which is located in Filinvest City, Alabang, Muntinlupa City, consists of a building with gross leasable area of 121,862 square meters.

In return, FILRT will issue to FLI 1.63 billion primary common FILRT shares at an issue price of ₱3.85 per share under the Memorandum of Agreement and the Deed of Exchange both dated March 5, 2025.

The Transaction Price was set at a 30 percent premium over FILRT’s 30-day volume-weighted average price of ₱2.94 per share, which is within the range of fair values provided for in FTI Consulting Philippines, Inc.’s Fairness Opinion.

FILRT’s Related-Party Transaction Committee and Board of Directors unanimously approved the Transaction at their special meeting on January 24, 2025, and it was subsequently approved by FILRT’s stockholders during their special meeting on March 4, 2025.

The acquisition of the Property will increase FILRT’s total gross leasable area by 37 percent to 452,310 sq.m. This likewise will improve occupancy from 83 percent to 88 percent and extend the weighted average lease expiry (WALE) from 7.3 to 14.6 years. This will also increase FLI’s equity in FILRT from 51.06 percent to 63.27 percent.

The Transaction allows FILRT to diversify its income sources by integrating retail mall properties into its portfolio. Prior to the infusion, 91 percent of the GLA of FILRT are office buildings.

Post infusion, the portfolio mix of FILRT will be 67 percent offices, six percent hospitality (Crimson Boracay lot) and 27 percent retail (Festival Main Mall).

The infusion of income-generating retail mall assets is expected to result in an increase in FILRT’s distributable income.

Let me end this post by asking you readers: What is your reaction to this recent development? With the approval of the SEC, do you think the big deal between FLI and FILRT will be beneficial not only for the parties and shareholders involved, but also for those who spend time and money at Festival Mall? Did you notice any trends or serious changes at Festival Mall since FILRT became the new owner?

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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Do you miss Fukuya Japanese Restaurant?

May 21, 2025May 15, 2025carlocarrasco

On April 30, 2025, Fukuya Japanese Restaurant inside Festival Mall closed down after having its final day of operations which saddened a lot of loyal customers. At 8:41 in morning of that same day, the restaurant announced via social media that they were going to close down which went as follows:

It is with a heavy heart that we are announcing our last day of operations today. We would like to thank our valued customers whom we consider a part of the Fukuya family for your patronage and support since we opened our doors in 1995. We truly cherish the memories we have of you and it is our pleasure to have served you. To our generations of patrons, thank you for your kind words and loyalty to Fukuya. You have made our journey all the more fulfilling. May God bless you all!

*I took this picture on May 1, 2025. This very spot Fukuya previously occupied has since been covered up.*

For the newcomers reading this, Fukuya Japanese Restaurant first opened at SM Southmall in Las Piñas City in the mid-1990s and my first time ever to eat at their place was in 1997. They eventually opened in Festival Mall in Alabang, Muntinlupa some years later and lasted there until April 30 this year. Be aware that a change of ownership of Festival Mall took place months ago which might be related to Fukuya’s closure.

Being fond of Japanese food, I can say that the demise of Fukuya Japanese Restaurant is very unfortunate. To be clear, the number of Japanese restaurants and other businesses selling certain types of Japanese food at Festival Mall has increased over the past several years. In fact, there are certain Japanese restaurants there that sold meals at notably higher prices when compared to similar offerings from Fukuya Japanese Restaurant. Clearly Fukuya had a lot of competitors at Festival Mall alone.

More on Fukuya, there are best known for the Hiroshima-style Okonomiyaki (read my old article by clicking here) which was always served freshly cooked, very flavorful and filling. I had their Okonomiyaki many times and always had a great taste backed with satisfaction. I also tried Okonomiyaki at other Japanese restaurants at Festival Mall but none of them ever came close to what Fukuya had.

Fukuya also served Futo Maki/Futomaki, Yakisoba, ramen, Bento meals, Tempura, sushi, sashimi, Teppanyaki, Udon, Soba and a lot more. They also had value meals to accommodate customers with limited funds.

*Fukuya Japanese Restaurant’s most famous meal is the Hiroshima-style Okonomiyaki.*

While the pandemic is over and the Philippine economy is growing, there are still a lot of internal and external economic forces that make operating businesses challenging. As for the rental fees of Festival Mall under the new owner, I heard allegations that the rates went up. Apart from Fukuya, I noticed a local printing and photocopying business there closed down recently, and I used to have documents photocopied there.

Now that Fukuya Japanese Restaurant is gone, customers who are looking for Japanese meals that are affordable will have to look elsewhere. As of this writing, Fukuya has not updated their Facebook page since April 30, 2025. While their FB page is still active, I can only wonder if the business owners could be planning a revival of Fukuya someday. You can visit their FB page by clicking https://www.facebook.com/FukuyaJapaneseRestaurantFestivalMall

*Do you miss this view from inside Fukuya at Festival Mall?*

For those of you reading this, let me ask you – were you fond of eating at Fukuya Japanese Restaurant? Did you enjoy their Hiroshima-style Okonomiyaki? How was the quality of the food they served you the last time you ate there? What do you think is the main reason behind the closure of Fukuya Japanese Restaurant?

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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Do you miss watching movies at Commercenter?

March 28, 2025March 25, 2025carlocarrasco

For those of you who have been missing out on developments here in Alabang, Commercenter officially closed down their cinemas (4 screens) on March 15, 2025 fulfilling their announcement (click here and here) They did, however, announce that something new will materialize but there are no details as to what that might be.

During one of my recent visits at the high-end shopping mall in Filinvest City, I noticed that the 2^nd floor path leading to what used to be the cinemas was sealed shut which you can see in the video below.

For the newcomers reading this, Commercenter’s cinemas operated for a little over ten years starting in the 2^nd half of 2014. The cinemas had 4 screens and each screen had a sitting capacity of over 100 seats. Outside of the screens, the ticket desk and the concessionaire were right beside each other. Having seen a lot of movies at Commercenter, I can say that watching films inside the cinemas was often comfortable, convenient and pleasant.

As many of us know, the COVID-19 pandemic really hit the cinemas industry of the nation very hard as other types of businesses also went down. The nationwide shutdown of movie theaters caused by government pandemic restrictions really hurt not only the cinema operators but also their employees. When the restrictions were eased, cinemas around the country gradually reopened and for a time moviegoers had to wear face masks when watching movies. When I saw The Batman in Commercenter in March 2022, me and others had to wear face masks because they were required.

A post-pandemic economic recovery happened here in the Philippines but it looks like the cinemas industry has yet to achieve the pre-pandemic numbers of moviegoers. That being said, I can only speculate that the rise of ticket prices, the preference of locals to watch new movies by streaming, and the rise of varied operating expenses probably contributed to the closure of cinemas not only in Commercenter but also those in Festival Mall.

With regards to inflation, the rise of ticket prices at Commercenter during the post-pandemic persion were noticeable. I paid P320 for The Batman in March 2022 and P380 for Sound of Freedom in September 2023 at Commercenter. Before the mall closed down its cinemas, foreign movie tickets were being sold at P400 each. Clearly, there were unfavorable economic forces that happened.

Without the cinemas, Commercenter lost entertainment value. I remember back in 2015 when a lot of people formed long lines to watch Jurassic World which also explained why the mall’s basement parking almost reached full capacity. There were also busy weekends for blockbusters films like Wonder Woman, Avengers: Endgame, Mission: Impossible – Fallout, Mad Max: Fury Road and others right there.

Before the closure of the cinemas happened, this movie poster of the 2025 Superman movie (directed by James Gunn) was displayed inside Commercenter. The film is set to open in cinemas worldwide this July and Commercenter’s cinemas have been closed since March 15. The display of this movie poster is pointless now.

Before the pandemic struck, Commercenter was a fun place for moviegoers and I personally know friends based outside of Muntinlupa City who came to the said mall for movies. That means Commercenter really had a unique attraction that made it competitive with Alabang Town Center and Festival Mall when it comes to attracting people who love movies. At the same time, the mall has nice places where visitors can have meals or coffee after watching a film.

Of course, the cinemas of Commercenter are no more and we can only remember the old days of fun-filled moviegoing at its cinemas through pictures, social media posts and collected movie tickets.

In my honest opinion, watching movies in Alabang will never be the same.

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Deed of exchange for Festival Mall signed

March 28, 2025March 20, 2025carlocarrasco

Festival Mall – the popular shopping mall in Filinvest City in Alabang – is now fully owned by Filinvest REIT Corp. (FILRT) as the deed of exchange with Filinvest Land, Inc. (FLI) has been formally signed recently, according to a BusinessWorld news report. Previously it was reported that the value of the transfer of ownership was worth over P6 billion.

To put things in perspective, posted below is the excerpt from the news report of BusinessWorld. Some parts in boldface…

FILINVEST REIT CORP. (FILRT) has executed a deed of exchange with its parent company and sponsor, Filinvest Land, Inc. (FLI), for the transfer of ownership of Festival Mall in Alabang, Muntinlupa City.

The two companies executed the memorandum of agreement and the deed of exchange on March 5 as part of a P6.26-billion property-for-share swap transaction, FILRT said in a regulatory filing on Thursday.

Under the transaction, FILRT will issue 1.63 billion shares at P3.85 each to FLI in exchange for the ownership of the 121,862-square-meter (sq.m.) main mall of Festival Mall. The addition of Festival Mall will increase FILRT’s total gross leasable area by 37% to 452,310 sq.m.

The deal expands FILRT’s portfolio into the retail mall segment. Previously, its portfolio consisted of 17 office buildings and 2.9 hectares of land leased to the owner and operator of Crimson Resort & Spa Boracay.

Following the addition of Festival Mall, FILRT’s portfolio mix will comprise 67% offices, 6% hospitality, and 27% retail.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you hope to see improvements or expansion projects at Festival Mall now that it has a new owner? Do you think FILRT will come up with new office buildings in close proximity to Festival Mall within the next ten years?

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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Michelin opens new office in Alabang

March 22, 2025March 20, 2025carlocarrasco

The French multinational tire manufacturing company Michelin very recently opened a new office in Filinvest City in Alabang to provide service and support to its customers, according to a GMA Network news report. This development added business credibility to the corporate city of Filinvest and Muntinlupa City in general. The Michelin Alabang office is in the Polaris Building.

To put things in perspective, posted below is the excerpt from the news report of GMA Network. Some parts in boldface…

Michelin on Thursday announced the opening of its new official office in the Philippines, which will focus on strengthening the brand in the Philippines, and invest in local talents moving forward.

The new office — located in the Polaris Building, Filinvest Corporate City, Alabang in Muntinlupa City — will serve as a hub for enhanced customer engagement and support, to reflect its “dedication to the growing Filipino market.”

“We are excited to open our new office in the Philippines. We recognize the country’s strong market potential, and this move enables us to reinforce our partnerships, enhance customer support, and further establish Michelin as the preferred choice for mobility solutions in the region,” Michelin Asia Pacific (Singapore) Philippines Branch Office managing director Jonathan Khong said.

According to Michelin, the new office will strengthen collaboration with local partners, provide them with better resources, tools, and expertise to enhance their business operations, and boost the Michelin brand in the country.

The opening of the new office also “reflects Michelin’s continued dedication” to the Philippines, and will strengthen sales and after-sales services through support to partners, and investment in developing local talents.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa, do you feel confident that the presence of Michelin in Alabang will add a lot to the economic dynamism of the city? Do you know a lot of Michelin customers living in Muntinlupa and in nearby cities? Do you think Michelin’s presence in the city will convince other international businesses to set up new offices or service centers in Filinvest City in the near 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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Commercenter announces March 15, 2025 closure of its cinemas, promises something new coming

March 7, 2025March 7, 2025carlocarrasco

Commercenter, the nice sprawling shopping mall located in Filinvest City in Alabang, Muntinlupa, recently announced via social media that its 4-screen cinemas will be closing on March 15, 2025 and still they promised something new is coming.

To put things in perspective, posted below is the entire social media post announcement by Commercenter. Some parts in boldface…

To our amazing moviegoers, thank you for every laugh, tear, and unforgettable moment we’ve shared at Commercenter Cinema over the years. ❤️🎬 Your presence and memories will always be part of our story, and we’re beyond grateful for the journey.

While our curtains will officially close on March 15, this isn’t the end. Something exciting is on the way to Commercenter and we can’t wait to share it with you. Stay tuned! 😉✨

For transparency, posted below is the screenshot of one of the images that came with the social media post of Commercenter.

For the newcomers reading this, the cinemas of Commercenter opened in the late part of 2014 and its cinemas each had nice and comfortable seats with a good sound system and screen. Each cinema has over a hundred seats to accommodate moviegoers.

I myself saw lots of movies at Commercenter from 2014 to 2023 (note: I have not seen movies inside any cinema for 2024). While I cannot recall all the films I saw inside the cinemas of the sprawling mall, I saw the following there: Sound of Freedom (read my movie review by clicking here), Wonder Woman (my review here), The Hobbit: The Battle of the Five Armies, Write About Love (my review here), Rogue One: A Star Wars Story, Deadpool, Deadpool 2, Star Wars: Episode VII – The Force Awakens, X-Men: Apocalypse, Avengers: Age of Ultron, Avengers: Infinity War, Avengers: Endgame, Batman v. Superman: Dawn of Justice, Aquaman, Terminator: Dark Fate, The Batman, Jurassic World, and Godzilla: King of the Monsters (my review here) to name some.

*The last movie I saw at Commercenter was Sound of Freedom.*

In my experience, watching movies inside Commercenter was fun and comfortable. The mall is a short drive away from home and there are nice restaurants and stores inside. After watching a movie, I could enjoy a meal at Sigekiya Ramen or at The Black Pig or at Akrotiri, have coffee at The Coffee Syndicate or at The Bingsu. Or buy a snack at ASSI Fresh Plaza.

As such, it is really saddening to learn that Commercenter’s cinemas will be closing down soon. I can only speculate that not enough moviegoers in this post-pandemic age could support the cinemas of the mall and not enough private groups booked the cinemas for their events or gatherings. It seems to me that streaming – which became the new standard of watching movies since the COVID-19 pandemic – is a factor as well. Lastly, Commercenter charged P400 per ticket for foreign movies which is quite expensive for local moviegoers.

By adding Commercenter’s closing cinemas to the already closed old original cinemas of nearby Festival Mall, that would combine to a total of fourteen closed screens/cinemas. Festival Mall still has its 4-screen modern cinemas while Alabang Town Center’s cinemas are still operating. Without Commercenter as a movie venue, people living within Filinvest City and in the nearby communities will have to visit ATC and Festival Mall for the movie theater experience within Alabang.

*The cinemas area at the 2nd floor of Commercenter.*

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 frequently saw movies at Commercenter, how do you feel about the March 15 closure of the cinemas? If you could still remember, how many movies were able to watch at Commercenter in all? What was the most memorable cinematic moment you had inside Commercenter’s cinemas? What could be the new thing Commercenter promised?

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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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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