Published on 01 February 2013
Written by Madelaine B. Miraflor [
manilatimes.net ]
Listed IRC
Properties Inc. has obtained the approval of the Home Development Mutual Fund
(Pag-ibig Fund) for a P40-million loan that it is seeking to fund the
development of 510 housing units in its 8.72-hectare subdivision in Rizal
province.
In a
disclosure to the Philippine Stock Exchange (PSE), IRC Properties confirmed
that Pag-ibig Fund approved its P40-million loan application under the direct
development loan program for the Sunshine Fiesta Phase 2-Fiesta Casitas project
in Binangonan, Rizal.
According to
the oil firm-turned real estate developer, the purpose of the loan application
is to “finance the land development and house construction of 510 housing units
of Sunshine Fiesta Phase 2-Fiesta Casitas project in Binangonan, Rizal.”
The company
also specified that the term of loan is three years, and the interest rate is
based on Pag-Ibig Fund’s full risk-based pricing framework for the duration of
the loan.
The
collateral, meanwhile, involves the First Real Estate Mortgage on Transfer
Certificate of Title registered under IRC’s name.
Early last
year, IRC announced that it entered into a partnership with Dell Equipment and
Construction Corp. for the development of a residential subdivision in
Binangonan, Rizal.
A previous
PSE disclosure said that the board of IRC Properties authorized the company to
enter into a joint development agreement with Dell Equipment and Construction
in turning its 8.72-hectare lot into a residential subdivision.
Fiesta
Casitas, according to earlier disclosure, will form part of the Sunshine Fiesta
Subdivision.
Under the
partnership, Dell Equipment and Construction will develop the property at its
own expense and take an 88-percent share in the developed house and lot units.
In February
2012, Securities and Exchange Commission has approved Interport Resources
Corp.’s application to change its corporate name to IRC Properties. IRC also
became a real estate developer. Interport Resources was an oil exploration
firm.
The original
purpose of the Interport Resources was oil exploration and real estate was
secondary.
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