By Zinnia B. Dela Peña (The Philippine Star) Updated January 25, 2010 12:00 AM
MANILA, Philippines - Federal Land Inc., the real estate arm of the Metrobank Group, is doubling its capitalization to P10 billion from P5 billion.
Documents filed with the Securities and Exchange Commission show that out of the P5-billion increase in capitalization, P2 billion has been paid for.
Fedland recently broke ground on the Grand Midori, an upscale twin residential condominium in Legazpi St., Makati City. The project is in partnership with Japanese financial services firm Orix Corp.
Estimated to cost around P4 billion, Grand Midori will offer over 600 residential units, each priced at between P3.4 million and P16 million, targeting the middle- to high end market.
Fedland is also building a P20-billion mixed-use complex in the northeastern part of Bonifacio Global City. The project will cover the 10.4-hectare property owned by financial services giant Metrobank and the Bases Conversion Development Authority’s two lots totaling 15.3 hectares.
The Bonifacio Global City project which includes the development of residential, office and retail components, will take 10 to 15 years to complete.
Among Fedland’s other projects include two properties which are joint ventures with Metrobank. These are Capitol Towers (a 9,000-square meter property along E. Rodriguez Ave.) and The Oriental Place (TOP), a residential condominium building located along Don Chino Roces Ave. (formerly Pasong Tamo) in Makati City.
Fedland is also developing a P4-billion three-tower complex within the 40-hectare Bay Garden community in Pasay City. It is continuously developing its 17-hectare property in Marikina.
Funding for these projects will come from internally-generated cash from pre-selling, as well as borrowings from banks, Fedland said.
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