Israeli billionaire Leviev invests in FLI project

By Honey Madrilejos-Reyes
Reporter

FILINVEST Land Inc. (FLI), the listed property development arm of the Gotianun family, has formed a joint venture with Africa Israel Investments (Philippines) Inc. (AIIPI) for the development of the remaining phases of Timberland Heights in San Mateo, Rizal.
           
AIIPI is the local unit of Israeli billionaire and diamond tycoon Lev Leviev’s Africa Israel Investments Ltd.
           
AIIPI will take a 40-percent stake in the joint venture. According to FLI, AIIPI will initially invest close to P380 million, and has an option to increase its investment by an additional P2.1 billion over the next five years, bringing its total investments to an estimated P2.4 billion.
           
The first phase of the joint venture, covering about 58 hectares, involves the development of several projects including The Ranch, an upper income development project offering luxury house and lot packages, and Mandala East, which features farm estate lots.
           
In addition, FLI and AIIPI will develop the Timberland Sports and Nature Club. The 12,500-square meter development will be a family oriented exclusive membership club with a full range of sports, nature oriented amenities, spa, dining, banquet and room facilities with world-class standard club management.
           
Launched in 2004, the 677-hectare Timberland Heights is a 15 to 20-minute drive from the Batasan Pambansa (the House of Representatives complex) in Quezon City. It enjoys a 360-degree view spanning Mount Makiling in Laguna province to Mount Arayat in Pampanga.
           
Described as a premier master-planned mountain resort township, Timberland Heights is accessible to the country’s top universities like Ateneo de Manila University and University of the Philippines, both in Quezon City, major shopping malls and major medical facilities.
           
Aside from Timberland Heights, FLI and AIIPI have also agreed to consider the development of two medium-rise residential building projects in two different sites in Metro Manila. Details on the projects, however, were not divulged.
           
AIIPI is a unit of Africa Israel Investments Ltd., an international holding and investment company active in Israel and abroad.

Business Mirror
September 14,2006
http://www.businessmirror.com.ph/comp01.php