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PhilRealty seeks to move out of rehab

[ Malaya.com.ph ] February 9, 2011
Listed Philippine Realty and Holdings Corp. (PhilRealty) yesterday said it has filed with the regional trial court of Quezon City a petition that it be moved out of rehabilitation.
PhilRealty was placed under rehabilitation in 2002 after the Asian Financial crisis of 1997 saddled the company with huge debts.
As part of the rehabilitation, PhilRealty finished its mothballed Andrea North Skyline Tower in New Manila, Quezon City, which was 50 percent completed at the time when the rehab was approved. The company is now looking at a follow-up project from the other phases of the five-tower Andrea residential complex while looking for other opportunities to get active again in the realty sector.
As of end-September, Philrealty reported total assets of P4.16 billion, up 9.5 percent from the end-2009 asset of P3.8 billion.
With a liability of P913 million, down 2.42 percent from the previous year’s P936 million, the company had a net asset value of P3.25 billion, up 13.63 percent from P2.86 billion. At the height of its troubles, had a total debt of P2.2 billion.
Philrealty reported a nine-month income of P35.66 million for the 2010, up 31.92 percent from the previous year’s P27.04 million.
Philrealty marketing vice president Jose F. Santos Jr., said they are looking at a 28-story tower, with a floorplate of 900-1,000 sq.m. to complement the Skyline Tower of Andrea North.
With an estimated development cost of P1 billion, Santos said the company is studying how to go about with the project’s design.
Financing of the project is seen to come from the sale of remaining units in North Andrea’s Skyline Tower. The launch of the project is slated towards the end of the year.
Santos earlier said that about 85 percent of units in Skyline tower have been sold with only the small units now available. The project is popular with big families not adequately serviced by current developers, said Santos.
Amador Bacani, PhilRealty president, earlier revealed that Philrealty will be spending about P700 million to P800 million for the third and fourth tower and about P1 billion for the fifth tower of Andrea North.
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