Vol. XXII, No. 155 [ BusinessWorld Online ]
Tuesday, March 10, 2009 | MANILA, PHILIPPINES
LISTED REALTY firm Interport Resources Corp. will start developing its properties in Binangonan, Rizal starting with a townhouse and condominium complex in the second quarter and a subdivision for mid-income customers in the third quarter.
In a telephone interview yesterday, Interport Resources Chairman and Chief Executive Officer Esteban Peña Sy said they would start building two two-storey townhouses at the Eastridge golf course in Binangonan and a three-floor condominium soon after.
He added that the company also planned to start development by the third quarter of a 30-hectare subdivision project, which will be sold to mid-income families by yearend.
"We are now at the planning stage. We are also securing the necessary permits to begin development of the areas," he said, but could not immediately say how much the projects will cost.
He said Interport Resources would also develop a 30-hectare lot adjacent to the golf course for the high-end market.
The subdivisions are part of the 71.84-hectare property that the firm had agreed to buy from affiliate PrimeEast Properties, Inc. on Friday for P215.52 million. Interport also plans to buy 13,406 square meters of land from its affiliate for P46.92 million.
The company disclosed these plans to the stock exchange yesterday.
Also yesterday, Interport Resources said it had agreed to give PrimeEast the right to P145 million worth of stocks as payment for its debts.
In a separate interview, Colliers International Research Manager Ramon Jose Aguirre said mid-income housing projects are good bets for property developers since demand for these have yet to ease.
"There are still backlogs for these developments," he said, adding that developers have yet to meet half of the yearly requirements of buyers. — Don Gil K. Carreon
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