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

  • Gloomy weather on Black Saturday–Pagasa
  • Mixed feelings for Gabriel Garcia Marquez in hometown
  • Korea ferry captain arrested, divers spot bodies
  • Enrile chief aide back in PH ‘to face charges’–report
  • Pakistan library named ‘bin Laden,’ as memory fades
  • Sports

  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Boston prepares for huge wave of marathon visitors
  • Motivated LeBron James preps for postseason
  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • OFW from UAE tests negative for MERS-Cov–health chief
  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • Marketplace