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Property firm to sell Rizal asset

Posted on August 16, 2013 07:46:03 PM
IRC PROPERTIES, Inc. is finalizing a deal to sell a portion of its landholdings in Rizal province to another listed company, IRC said on a disclosure on Friday.
"To provide guidance to the investing public and to our stakeholders, we wish to disclose that the company is in the final stages of selling part of its landholdings to a Philippine publicly-listed real estate developer," the company said. "This is the culmination of more than a year of due diligence by the buying entity."
"Financial close is expected this quarter," it added.
The company said Sunshine Fiesta, a housing development in Binangonan town, "has ripened into a community, which has attracted major property developers."
"To further bolster this community, the above mentioned sales is simply an initial transaction with a further understanding for future land sales and joint venture project," the company said.
The company, in the same disclosure, noted that it is in talks with other parties for various real estate developments.
"We wish to give further guidance that major and Philippine and foreign entities are in serious and advanced negotiations as regards to various mixed-use, township, and retirement community developments," it said.
IRC Properties, formerly Interport Resources Corp. (IRC), was incorporated on Feb. 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources, its Philippine Stock Exchange profile showed.
The company initially ventured in oil exploration activities and drilled two wells in southern Mindoro and the Sulu Sea areas, but world recession in the late 1970s forced IRC to cut down on exploration activities.
In 1978, the company acquired a 2,200-hectare property in Binangonan which signaled its shift in major business activity from oil exploration to real estate development. IRC also owns Apo Island, an 896-hectare island located in Coron, Palawan.
The company’s net income dipped by 9% to P4.48 million in the first half from P4.11 million a year ago due to mounting expenses.
Shares of IRC Properties gained 16 centavos or 11.43% to P1.56 apiece on Friday from P1.40 apiece on Thursday. -- Cliff Harvey C. Venzon        
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