MANILA, Philippines – After finally exiting corporate rehabilitation, Philippine Realty and Holdings Corporation (PhilRealty) plans to invest billions of pesos to reclaim its position as one of the leading property developers in the country.
On Monday, March 31, Philrealty announced it is embarking on an aggressive expansion, starting with the launch of an upscale residential project in New Manila, Quezon City.
Philrealty president Amador Bacani said the company received an order from the Quezon City Regional Trial Court, approving its exit from rehabilitation.
“The rehabilitation proceedings have been ordered by the judge terminated because of successful implementation of the rehab plan,” he said.
Philrealty director Andrew David Alcid said the company may now tap the capital markets to raise funds for its projects.
Philrealty is a listed property company known for major developments such as the Philippine Stock Exchange Center in Ortigas, Pasig City, and the Alexandra mid-rise luxury condominiums also in Ortigas.
But because of severe impact of the 1997 Asian financial crisis, the company filed for corporate rehabilitation in 2002 to stop creditors from foreclosing on its properties. Alcid said the company settled its debt amounting to P2.2 billion.
Philrealty launched Sky Villas Tower, the second tower of its 5-tower upscale residential development in New Manila.
The project offers 180 spacious units selling at P145,000 per square meter. The company hopes to generate close to P3 billion in sales from the project. Turnover is scheduled by the first half of 2016.
“Quezon City is the largest city within Metro Manila. Surprisingly, it also has the highest underserved market in the country, which is the upscale community segment, and all the major players are quite absent in this area,” Bacani said.
“We are looking at the Sky Villas at Andrea North to strengthen our initiatives in serving QC’s underserved market segment,” he added.
Aside from Sky Villas Tower, Philrealty is also working with long-time partners from Greenhills Properties Inc. to develop Project Cube 5th Avenue—a mixed-use development that will host retail, residential, office, serviced apartments, and a hotel facility in Bonifacio Global City.
The company is also set to begin work for El Pueblo, a 5,900-square meter mixed-use development with a retail anchor in Ortigas. “We are also eyeing to expand our portfolio of developments further as we train our sights on a future township project outside of Metro Manila,” said Alcid. – Rappler.com