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Holding firm to invest P2B in mid-rise housing venture

Posted on March 07, 2011 09:19:37 PM [ BusinessWorld Online ]
LISTED HOLDING firm South China Resources, Inc. will be continuing its property initiatives by investing P2 billion in a mid-rise residential project to be built over the next five years.
In a disclosure submitted to the Philippine Stock Exchange, South China Resources, through its wholly owned subsidiary, SOC Land Development Corp., will be putting up a mid-rise residential building (MRB) project in Barangay Buli, Muntinlupa City, along the east service road of the Southern Luzon Expressway.
This is said to be the unit’s first venture in an MRB project while adding that the investment in the property development is seen as an important aspect in enhancing the company’s shareholder value.
With a project time frame of five years, the planned four tandem-buildings will be built on a 2.4-hectare property with at least 80% open space for the benefit of its residents.
The first building is slated to be completed by the end of 2013.
South China Resources’ first property investment was building Pilipinas Plaza at the corner of EDSA and Chino Roces Ave., which it sold for a profit at a gross selling price of P600 million in January 2007.
The property was owned by the parent firm and was transferred to SOC Land Development through an exchange of the latter’s shares of stock said to be valued at P312 million.
The primary purpose of South China Resources, which was incorporated in 1992, is to undertake oil and gas exploration, development and production projects in Sulu Sea Sandakan Basin, Northeast Palawan, and Mindoro-Cuyo Area.
The holding firm also owns Bell Telecommunication Philippines, Inc. and Premiere Development Bank, and Puyat Steel Corp.
South China Resources shares shed P0.02 from last trading to close at P1.44 apiece yesterday. -- Vanessa J. Jimenez
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