Filinvest Land, Africa-Israel Investments in property deal

Property developer Filinvest Land Inc. has entered into a P2.4 billion deal with Africa-Israel Investments (Phils) Inc. for the joint development of the remaining phases of the Timberland Heights project in San Mateo, Rizal. Timberland Heights is an agroforest farm estate which accommodates residential and resort communities. It was jointly-developed by FLI with the University of the Philippines Los Baños Institute of Agroforestry. Filinvest Land said Africa-Israel will initially shell out nearly P380 million for the project, with an option to increase its investment by P2.1 billion more over the next five years. Africa-Israel Phils is a unit of a publicly-listed Israeli firm with assets of $3.5 billion. The first phase of the joint venture covers about 58 hectares and will develop The Ranch, an upper income residential development, Mandala East which will offer leisure farm estate lots, and the Timberland Sports and Nature Club. Filinvest Land also said that as part of the investment agreement, it has gone into talks with Africa-Israel Phils for the development of two medium-rise residential buildings in two areas in Metro Manila. - Patricia de Leon, GMANews.TV