[ manilastandardtoday.com ]
Federal Land Inc., the property unit
of tycoon George Ty, has expressed interest in acquiring a foreclosed
8,000-square-meter prime lot in Makati City previously owned by a company of
businessman Ramon Jacinto.
Federal Land executive vice president
and general manager Jose Mari Banzon said in an interview the company had
offered to acquire the property at the corner of Gil Puyat Ave. and Paseo de
Roxas from Philippine National Bank.
Banzon said Federal Land planned to
transform the lot into a mixed-use development.
The property is beside the head office of Ty-controlled Metropolitan
Bank and Trust Co.
Banzon conceded that other property
developers were also interested in acquiring the same lot, which served as an
open parking lot since 1997.
Federal Land is a wholly-owned unit of
GT Capital Holdings Inc., the listed holding company of the Ty group.
The property firm posted a net income
of P1.7 billion in the first half, up 77 percent from previous year’s P201
million. Revenues grew 123 percent to P3.6 billion from P1.6 billion during the
same period on higher real estate sales.
Federal Land has 19 ongoing projects
and a landbank of 100.8 hectares as of -end 2011.
The Buendia property was previously
subject to a dispute between PNB and RJ Group.
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