397-hectare Villar City land folded into Golden MV Holdings
Golden MV Holdings Inc., a real estate firm engaged in landbanking and developing estates led by Manuel Villar, has scored plots of land nearly six times the size of the Mall of Asia complex in a P5.2-billion deal meant to develop the company’s land bank within the Villar City “megalopolis.”
In a stock exchange filing on Tuesday, Golden MV said its board of directors had approved the purchase of all the shares of Althorp Land Holdings Inc., Chalgrove Properties Inc. and Los Valores Corp. held by Villar’s other companies, Fine Properties Inc. and Hollinger Holdings Corp.
These firms own a combined 396.88 hectares (ha) of land within the Villar City development, according to Golden MV.
The company did not disclose if the “prime land” was currently idle or already being utilized, saying only that the acquisition would strengthen its asset base.
Villar City is a 3,500-ha project that spans 15 towns and cities in Metro Manila and Cavite province.
Launched last year, former Senator Villar’s self-named “city” is set to have two golf courses, a church, events arena, university and an integrated entertainment complex.
Article continues after this advertisementNew central business district
At present, nearly 900 hectares are already “active” and occupied within the massive new central business district that is being developed by Vista Land & Lifescapes Inc., another real estate development arm of the Villar Group.
Article continues after this advertisementThe group also launched last year the 10-kilometer, 10-lane Villar Avenue that connects Las Piñas City to Bacoor and Dasmariñas City in Cavite. This is meant to allow easy access into Villar City, Vista Land said.
In the January to June period, Vista Land’s net income jumped by 11 percent to P6.4 billion on increased real estate sales.
The developer’s revenues during the semester inched up by 8 percent to P19.9 billion.
Vista Land has over 1.6 million square meters of gross floor area across at least 100 commercial properties, which include malls, commercial centers and office buildings.
