Listed real estate developer IRC Properties Inc. is in talks with the local partner of an unnamed foreign group, which is seeking to buy a 22-hectare property that IRC owns in Rizal province.
IRC said in a Philippine Stock Exchange filing that the local firm, which was also not named, was backed by what it described as a “major premium real estate developer” overseas. It expressed a firm interest in buying the land, which is adjacent to an 18-hole golf course and near the Thunderbird Resort and Casino, IRC said.
IRC added that the initial project was expected to be a residential development to complement a planned garden community, which will have retail stores and restaurants.
“The purchase will bring fresh funds to IRC,” the company said, without disclosing any figures. IRC plans to use the funds to pay for additional road and bridge infrastructure within its Rizal landbank.
“This move is an integral part of the company’s thrust toward township development,” the filing showed. “Moreover, it is in line with the renewed interest of various local and foreign conglomerates in the area just east of Metro Manila,” IRC said.
IRC shares closed up 1.43 percent at P1.42 each Tuesday, giving it a market value of P1.42 billion. The company, led by its chairman and CEO Esteban Peña Sy, was previously involved in oil exploration before it shifted to real estate.