By Neil Jerome C. Morales (The
Philippine Star) | Updated July 13, 2014 - 12:00am
MANILA, Philippines - Listed real
estate developer IRC Properties Inc. has partnered with a Japanese-backed
property firm to fasttrack the development of a vast property in Rizal
province.
In a regulatory filing, IRC Properties
said it entered into a joint development deal with Tamurakenzai Group units
Tamurakenzai Co. Ltd. and T.I. & S. Investments Inc.
The agreement covers the development
of a four-hectare housing project to be named Casas Aurora, which is adjacent
to the Sunshine Fiesta and Fiesta Casitas subdivisions within a 2,200-hectare
property in Binangonan, Rizal.
“This residential project will be the
first project that IRC Properties is undertaking as the lead developer,” the
firm said.
Tamurakenzai Group will provide an
initial amount of $2 million as seed
fund for the project which is expected to be completed in two years, IRC
Properties said.
Japanese firm Tamurakenzai is into
construction and real estate development, completing numerous projects in the
Fukushima area. Its affiliate T.I. & S. Investments Inc. is a
locally-incorporated firm that oversees investments in the Philippines.
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“IRC Properties and Tamurakenzai Group
are looking forward to having more joint undertakings, including the
development of commercial facilities within the IRC property in Binangonan,”
IRC Properties said.
In October, IRC Properties sold
183,729 square meters of the Binangonan property worth P87.27 million to
Filipino-Chinese firm Hundred Lake Development Corp. that is backed by the Lek
Yuen Group of Nanjing, which claims to be among the top five property
developers in Nanjing.
