by Jenniffer B. Austria
[ manilastandardtoday.com] July 19, 2011
Philippine Realty and Holdings Corp. expects to generate P2 billion in sales from a soon-to-be-launched second condominium tower within a residential complex in New Manila, Quezon City.
PhilRealty president Amador Bacani said the company would unveil the Sky Breeze, a 30-story residential tower, by the second half of the year.
Sky Breeze will offer 350 condominium units with sizes ranging from 45 to 400 square meters.
Sky Breeze will sit within the North Andrea development project, which is designed to host four residential towers. Bacani said once the company sold 60 percent to 70 percent of Sky Breeze, it would launch the third tower.
Bacani said it was open to the possibility of teaming up with other landowners for possible joint venture partnerships as the company generated income from selling condominium units.
PhilRealty is interested in teaming up with Greenhills Properties Inc., a major shareholder of the company, to develop the latter’s property in Fort Bonifacio.
PhilRealty is also in initial talks with Greenhills Properties to develop a portion of a property in El Pueblo in the Ortigas business district.
Vista Land and Lifescapes Inc., a company owned by the family of Senator Manuel Villar, earlier expressed interest in developing the El Pueblo property.
Bacani said the 4,000-square meter property in Ortigas could accommodate one residential tower with retail space on a ground level and possible one office tower.
“By developing other towers in North Andrea, we hope to build up our capital base. Right now, we’re constraint by one tower at a time. Once we build up our financial capability, we can take two or three more projects at a time,” Bacani said.
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