Quantcast
Latest Stories

IRC seals deal to sell prime Rizal property

By

MANILA, Philippines—Real estate firm IRC Properties has signed a deal to sell a portion of its property in Binangonan, Rizal, to a consortium backed by a developer in China.

This is one of the three property deals IRC is working on to unlock values out of its vast land bank in Binangonan.

In a disclosure to the Philippine Stock Exchange on Tuesday, IRC said it had entered into a contract to sell 183,729 square meters of its property to Hundred Lake Development Corp. for P87.27 million.

The buyer is 60-percent Filipino-owned while the Chinese corporation accounted for the rest.

IRC chair and chief executive officer Esteban Peña Sy earlier said the company would sell to the group to “add color to the community.”

Another deal in the pipeline involves a prime property at the Eastridge Golf Club, next to the clubhouse and a block adjacent to Thunderbird Resort and Casino. IRC has the option to buy adjacent lots, acquiring up to five hectares. The company has received proposals from two groups—the Thunderbird operator itself and a Japanese group—that are keen on a joint venture.

A third deal involves a prime local real estate developer, with whom IRC plans to sell an initial parcel of a little over 50 hectares of land in Rizal by the end of the month. It plans to sell no more than 100 hectares to the big developer.


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: Binangonan , property , property sale , Real Estate , Rizal province



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

  • After quake, makeshift churches welcome pilgrims in Bohol
  • UN warns banana fungus spreading from Southeast Asia
  • Massive infra spending set
  • ‘No real progress in PH if dynasties not dismantled’
  • Cardinal Tagle to faithful: Join politics to clean it
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • The truffled mac ‘n’ cheese, eggs benedict, chicken leg confit are excellent
  • Entertainment

  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Mommy-daughter adventure continues
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • 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

  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Netizens welcome Japan’s visa-free travel plan
  • Marketplace