PhilRealty eyeing properties in Ortigas, Fort Bonifacio

Philippine Realty and Holdings Corp. plans to acquire the El Pueblo complex and other strategic assets in the Ortigas central business district and Fort Bonifacio Global City from the Lanuzas, its controlling shareholders.

Philrealty president Amador Bacani, in a cocktail party held in celebration of the company’s 30th anniversary, said Philrealty was now awaiting a formal court declaration that it was already out of corporate rehabilitation.

Bacani said Philrealty would be revitalized and re-introduced to the stock market.

To start with, Bacani said more residential towers would rise in the company’s Andrea North property in New Manila, Quezon City. The plan was to build five towers but only one has been completed so far. The second tower will be launched this year.

Philrealty also has an ongoing project in Fort Bonifacio, the Icon Plaza, which is a joint venture with Xcell Property.

“After that, we don’t have land anymore but Greenhills Properties, our major shareholder, has one block there (Fort Bonifacio)—about 6,400 square meters—that can possibly be a project of the joint venture between Philrealty and Greenhills Properties,” Bacani said.

Bacani said the Lanuzas have other key properties within the Ortigas CBD, including the 5,900-square-meter El Pueblo complex and another 4,000 sqm at the back of Discovery Suites. Nearly one hectare of landbank could thus be infused into Philrealty now that it has regained the capability to develop large-scale projects, Bacani said.

“They (Greenhills Properties) said they are open to it especially now that we can do it,” Bacani said.

Greenhills Properties is the holding company of the Lanuza family.

The El Pueblo complex at the corner of Julia Vargas and ADB Ave. in Ortigas, Bacani said, could be redeveloped into a mixed use complex while the parcel of land behind Discovery Suites in Ortigas could be used for a high-rise residential project with some commercial establishments on the ground level.

“But the priority is still our own properties,” Bacani said, noting that by developing more residential towers in its Andrea North property, it could raise more funds for capital.

“Right now we’re still constrained by one-year, one-tower but once we build our financial capacity, we can do more,” Bacani said.

Philrealty is looking forward to the inclusion of more assets from its controlling shareholders into its fold to support growth in the future.

Bacani said the Fort Bonifacio property was suitable for a mixed use complex which could include high-end residential, office and retail components.

For the second tower of the Andrea North property, Philrealty hopes to sell 60-70 percent of about 350 units within a year.

Philrealty has complied with the remaining condition for the end of its rehabilitation program, with the completion of the first tower, the 32-storey Andrea Skyline.

The Skyline project is the first component of the five-luxury tower condominium cluster in the Andrea North gated community inspired by The Alexandra, Philrealty’s successful project in Ortigas Center.