Quantcast
Latest Stories

IRC eyes 3 property dev’t deals in Rizal

By

Real estate firm IRC Properties is working on three separate property deals that seek to unlock better values out of its land inventory of more than 2,000 hectares in Binangonan, Rizal.

The first prospective deal involves a prime property inside the Eastridge Golf Club, next to the clubhouse and a block adjacent to Thunderbird Resort and Casino. This covers 1.3 hectares of land but IRC has the option to buy adjacent lots that will bring the area size to five hectares. The company has received proposals from two groups—the Thunderbird operator itself and a Japanese group—which are keen on a joint venture arrangement, IRC chair and chief executive officer Esteban Peña Sy said in an interview with Inquirer at the sidelines of IRC’s stockholders meeting last Friday.

The second deal involves what Peña Sy describes as a “very prime” local real estate developer, to whom IRC plans to sell an initial parcel of about 50 hectares of land in Rizal by the end of this month.

Asked whether this “privileged and prestigious” developer is Ayala Land Inc., Peña Sy did not confirm nor deny.

The plan is to sell to this local developer no more than 100 hectares but a bigger piece of land would be developed in the future under a joint venture. At the minimum, Peña Sy said this group, whose identity would be announced later this month, was interested in getting control of a few hundreds of hectares of property in this area.

The third deal in the works involves close to 20 hectares of land which IRC plans to sell to a consortium backed by a prestigious property developer in China. “The reason for selling to this foreign group is that we want to add color to the community,” Peña Sy said, adding that this group had a lot of good ideas for the project.

From the Chinese-backed group, IRC may generate about P100 million from the sale while the first tranche of the sale to the local group may be worth around P300 million.

Peña Sy said IRC had agreed to give these groups a “good” price —or a big discount—because the entry of these groups was expected to unlock more values for the company, especially with a bigger parcel of the property in Rizal to be developed through joint venture.

IRC “legally owns” more than 2,000 hectares of property in Rizal but the Supreme Court ordered it to give consideration to claimants who had paid the tax declaration. So far, IRC has been able to clear legal obstacles on more than 400 hectares by compensating the claimants.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , IRC Properties , property deals , Real Estate



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Drilon denies involvement in pork scam
  • Complex health care system for California’s elderly and poor explained
  • Malang the croc must regain strength before return to swamp, says mayor
  • Palace: Lacson’s version of Napoles testimony to be evaluated
  • Scientists eye iceberg bigger than Guam
  • Sports

  • Guiao summoned by PBA for name-calling incident
  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Lifestyle

  • Gongs and southern dances star in a workshop at San Francisco Bayanihan Center
  • This woman ate what?
  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • Entertainment

  • Smithsonian wants photos, videos for ‘Day in the Life of Asian Pacific Americans’
  • What Garcia Marquez left behind
  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Business

  • Metro Pacific acquires stake in Victorias
  • How ‘one percent’ economic elite was uncovered
  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Obama to visit Filipino soldiers in Fort Bonifacio
  • Fil-Am youth conferences unite under one theme
  • Embassy advisory: Filipinos still need visas to enter US
  • No travel restriction to Mideast, DFA clarifies
  • PH-HK relations repaired, but families of victims still being courted
  • Marketplace