Quantcast
Latest Stories

Philrealty eyes exit from court-assisted rehab

By

Property developer Philippine Realty and Holdings Corp. expects to exit from a court-assisted rehabilitation by next year and pursue more property projects, including a prime mixed-use development in Bonifacio Global City.

Philrealty expects to sign within this year a memorandum of understanding with its principal stockholder, Greenhills Properties Inc., for the development of the latter’s 6,400-square-meter lot fronting BGC’s 5th Avenue, Philrealty president Amador Bacani told reporters at the sidelines of the company’s stockholders’ meeting on Tuesday.

The company has two other property projects in BGC—Icon Plaza and Icon Tower. In these projects, Philrealty contributed the land while its partner developed the property. For this upcoming BGC project, Philrealty will be the developer.

“We are now capable to do that. The master plan should be finished within three to six months, then we will decide how to pursue it,” Bacani said.

Bacani said the BGC project was a priority because the area “has lots of major construction coming.” The block fronting 5th Avenue in BGC is classified for mixed-use development, which means Philrealty can put up residential, office and service apartment components, he said.

Asked whether Philrealty would need to raise fresh funds for the BGC project, Bacani said this might not be necessary as the company could generate cash from the launch of the second tower of its New Manila residential project, which is called Andrea North.

After completing the first building in Andrea North called Skyline Tower, Philrealty will bring to the property market early next year the second tower called Sky Breeze, which will offer 278 units, to be ready for turnover to buyers by the middle of 2015. The company expects to generate more than P2 billion in sales from the second building.

The 31-story Sky Breeze units will sell for P90,000 to P100,000 per square meter.

“This is more upscale than the other projects in the area,” Bacani said.

The Andrea North project, which will be composed of five residential towers, sits on a two-hectare property.

Philrealty also expects to unlock values out of a townhouse subdivision project in San Fernando, La Union. The company plans to sell 236 townhouse units worth P600 million to P700 million.

In the meantime, Bacani said a new judge from the Quezon City Regional Trial Court was studying the company’s petition to exit corporate rehabilitation.

“We’ll just have to work on one or two liabilities,” Bacani said, referring to about P100 million in liability arising from an earlier court decision. “This should be resolved by next year,” he said.


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: court , Philippine Realty and Holdings Corp. , PhilRealty , property , 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

  • NDRRMC: Dead in Holy Week accidents now 23
  • ‘I’ll make it,’ says young ferry passenger to family
  • Bad weather halts rescue after deadliest Everest disaster
  • Gigi Reyes has no other option but to turn state witness — Santiago
  • US weighing military exercises in Eastern Europe
  • Sports

  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Lifestyle

  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Fashionistas flock to designer’s wedding
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • 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

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace