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.
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