FEU expands landbank by buying 1.6-hectare land in Cavite
MANILA, Philippines — Far Eastern University (FEU) has expanded its landbank with the acquisition of a 1.6-hectare land located in Barangay Biluso in Silang, Cavite, which could be developed into a new campus serving southern Luzon in the future.
The land was bought from Moldex Realty Inc. for P40.22 million, FEU disclosed to the Philippine Stock Exchange on Tuesday.
“Such parcel of land was acquired for purposes of future expansion,” the disclosure said.
FEU has obtained board authority to purchase this lot over a year ago but the actual purchase was consummated only last May 27.
In July 2012, FEU also purchased two buildings located at Silang, Cavite, amounting to P200 million and P217.87 million, respectively. These buildings were recorded under the account property, plant and equipment in the statement of financial position.
The university, likewise, has an existing authority from its board to acquire and purchase from Philinvest Alabang Inc a parcel of land located in Filinvest Corporate City, Muntinlupa in the Woods District (West), amounting to P998.24 million for future expansion. Likewise, a medium term loan of P800 million was secured to finance such purchase.
In June 2010, a new school site, FEU Makati Campus, was constructed and opened at the Makati area to offer business courses.
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