Posted on November 28, 2012 10:18:59
PM [ BusinessWorld Online ]
PHILIPPINE REALTY & Holdings Corp.
(PhilRealty) has moved to forge a preliminary deal with its majority investor
Greenhills Properties, Inc. to develop the latter’s property in Bonifacio
Global City (BGC) into a mixed-use project, PhilRealty said in a disclosure
yesterday.
“In its regular meeting today (Nov. 27), our board of directors approved
the signing of a memorandum of agreement with our principal shareholder,
Greenhills Properties, whereby the company undertakes to prepare at its sole
expense, a master plan for the development of Greenhills Properties’
6,400-square-meter property at Bonifacio South District, BGC,” the disclosure
read.
“The signing of the agreement will
take place as soon as we finish evaluation of proposals solicited from local as
well as foreign architectural firms. The preparation of the conceptual master
plan will take thee to six months, after which our company and Greenhills
Properties intend to enter into a definitive joint-venture agreement.”
In its disclosure, PhilRealty
described the property owned by Greenhills Properties as consisting of four
1,600-square-meter lots bounded by 5th Avenue, 25th Street, 6th Avenue, and
24th Street.
“A mixed-use development is envisioned
with retail, residential, office, and serviced apartments components,”
PhilRealty said.
PhilRealty, incorporated in 1981, has
been engaged in the development and sale of residential and office condominium
projects as well as the lease of commercial and office spaces. It is the firm
behind Pasig City developments The Alexandra condominium complex and The
Philippine Stock Exchange Centre (Tektite Towers).
The company saw its net loss double to
P9.10 million as of September from P4.37 million in the same nine months last
year.
Its shares lost 1.01% to P0.490 apiece
yesterday from P0.495 last Tuesday. -- F. J. G. de la Fuente
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