Published on 06 March 2013 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR REPORTER
Philippine Realty and Holdings Corp. (Philrealty) and Greenhills Properties Inc. (GPI) will be partnering for a P5-billion mixed-use development in Taguig City, company officials said.
During a press briefing on Wednesday, the two firms signed a memorandum of agreement that secures their partnership in developing a 6,400-square meter property in Bonifacio Global City (BGC) in Taguig.
Under the agreement, Philrealty will develop the master plan of the property, which is envisioned by the two firms to be a prime mixed-use development that will feature retail, residential, office, serviced apartments and a hotel. Philrealty President Amador Bacani told reporters that construction for the project will commence as early as next year.
“We are already going to appoint a master-planning and this takes about three to six months. The construction will start maybe early or middle of next year and just going by the number, my estimates is P5 billion project cost, excluding the land,” he said.
Bacani also said that Philrealty intends to fund the project through the sales of another project.
“Part of the funding will come from the Skybreeze project. As soon as we begin pre-selling this project, this will also contribute to the revenue stream,” he said, adding that they are expecting sales of nearly P3 billion from the 31-storey condominium development.
He even mentioned that the company is open to partnering with other big real estate developers for the residential component of the development. Gerardo Lanuza Jr., chairman of Greenhills Properties, on the other hand, said that they look forward to the project and share Philrealty’s vision of building a new landmark in BGC.
Philrealty is a publicly-listed property developer and holding company known for major projects such as the Philippine Stock Exchange Center in Ortigas, while Greenhills Properties is a privately held investment company also focused on real estate, among others.