Thursday, May 28, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE PROPERTY development arm of listed conglomerate San Miguel Corp. yesterday said it has bought a real estate company that owns properties in Makati.
In a disclosure to the bourse yesterday, San Miguel Properties, Inc. said it would pay P300 million for Wallmasters, Inc. and a stake in Maison 17 Properties, Inc. Maison 17, which owns properties in Legazpi Village, will become a wholly owned subsidiary, San Miguel Properties said, without providing additional details.
San Miguel Properties Chairman Ramon S. Ang earlier said the company plans to sell or develop through joint ventures three properties this year — a 125-hectare lot in Tagaytay, a five-hectare lot in Manila Memorial Park, and one hectare in Parañaque.
The property firm’s profits plunged in the first quarter to P80.76 million from P1.06 billion last year, when its net income was boosted by a one-time gain from the divestment of a 29.38% stake in KSA Realty Corp.
Revenues from rentals decreased by P29 million in the first quarter because of the sale of a property on Aurora Boulevard in Quezon City in 2008, which was previously leased by a third party for P12 million a month.