By Zinnia B. Dela Peña (The Philippine
Star) | Updated April 1, 2014 - 12:00am
MANILA, Philippines - Reeling under
debt for 12 years, property developer Philippine Realty Corp. is making a
strong comeback following its exit from court-assisted corporate
rehabilitation.
In a briefing yesterday, Philrealty
president Amador Bacani said the company is hoping to capitalize on a resurgent
real estate market after the Quezon City Regional Trial Court terminated the
rehabilitation proceedings following the full settlement of the firm’s
obligations.
“With the termination of
rehabilitation proceedings, we are now ready to tap both equity and debt
markets and achieve the plans we’ve laid out.
With renewed vigor and defined outlook, we intend to move strongly and
aggressively towards the upscale market segment” Bacani said.
To regain its prominence as a leading
high-end property developer, Philrealty is fasttracking the completion of the
second of five towers to rise at the P25 billion Andrea North in New Manila,
Quezon City.
Alcid said while major real estate
companies are aggressively building their presence in the Makati and Ortigas
business districts, the company believes in the potential of Quezon City, the
largest city within Metro Manila.
Quezon City, Alcid noted, has the
highest underserved market in the country.
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Alcid said the company would need
about P700 million to complete construction of Sky Villas, which will offer
about 108 units in 31 floors and targeted for turnover to buyers in the first
half of 2016. The units, with a minimum size of 200 square meters, sell for
P145,000 per square meter.
He said pre-selling of the project
will start today with total sales estimated to reach about P3 billion.
Philrealty also expects to unlock the
values of its other properties. It is
working with long-term partners from Greenhills Properties Inc. to develop
Project Cube 5th Avenue, a mixed-use vertical development that will feature
retail, office, residential, serviced apartments and a hotel facility in
Bonifacio Global City.
Alcid said the company also expects to
begin work for El Pueblo, a 5,900 sqm mixed-use project with a retail anchor
within the Ortigas business district.
Apart from these, Philrealty is
looking to expand its reach geographically with plans to build township
projects both in the southern and northern part of the country.
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