IRC seals deal to sell prime Rizal property

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.