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Property dev’t agreement in the works

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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