By Zinnia dela Peña (The Philippine
Star) | Updated February 19, 2015 - 12:00am
MANILA, Philippines - Philippine
Realty and Holdings Corp. (PhilRealty)
has sold four parcels of land in La Union for P202.1 million.
Two parcels of land located in Barrio
Carlatan, San Fernando and another two parcels in Barrio San Juan, in La Union
were sold to Humboltbay Holdings Inc., Philrealty said in a disclosure to the
Philippine Stock Exchange.
Philrealty said the proceeds of the
sale will boost the company’s liquidity.
The properties will be paid in 20
percent donwpayment while the remaining
80 percent is payable in 24 equal monthly installments.
The real estate developer noted that
the president of Humboltbay, Antonio
Reyes-Cuerva, is the also president of Tektite Insurance Brokers Inc., a
subsidiary of PhilRealty.
PhilRealty exited court receivership
last year following a 12-year court-assisted rehabilitation. The company aims
to return to mainstream to reclaim its old glory.
Once a high-profile real estate company, Philrealty is primarily
known for its projects in the Ortigas Center, foremost of which is the Textite
Towers, which used to house the Philippine Stock Exchange (PSE).
Philrealty’s other notable projects
include the Alexandra, a luxury mid-rise residential condominium in Ortigas ;and La Isla, an exclusive high-end
condominium with 28 units on a 20-storey building.
The company filed for rehabilitation
with the courts after being saddled with losses since the slump of the real estate industry in 1997.
To mark its grand comeback, PhilRealty
earlier unveiled a P10 billion 10-year investment in Andrea North, an upscale
residential enclave in Quezon City.
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