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MANILA, Philippines — Philippine Long Distance Telephone Co. (PLDT) wants to sell several idle real estate properties to raise about P5 billion.
PLDT chairman Manuel V. Pangilinan told reporters that the company would dispose of several properties that are no longer in use as the group eyes housing its revenue-generating arms in a new property.
“We presented to the PLDT board the rationalization program of the property portfolio of PLDT because we have a number of excess properties that we no longer use for the main telco business. A number of them were presented to the board for disposal, divestment or co-development with property developers,” Pangilinan said.
READ: PLDT H1 profit grows 2% to P19.7-B
Said properties include the 3-hectare Dansalan property in Mandaluyong City, a lot along Espana in Sampaloc, Manila, a lot in Filinvest Corporate Center in Alabang, Muntinlupa City as well as a warehouse of the defunct Pilipino Telephone Corp. (Piltel).
Pangilinan said they want to migrate in 2 to 3 years from their headquarters in the Ramon C. Cojuangco Building and the Makati General Office in Makati City.
The PLDT board is now assessing whether the group would acquire a building or put up a new one to serve as their headquarters, Pangilinan added.
READ: Alphaland in talks to sell Makati office building
The group is in talks to lease an office tower owned by Roberto V. Ongpin-led Alphaland Corp. along Ayala Avenue in Makati. – Rappler.com
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