MANILA, Philippines – First Philippine Holdings Corp. (FPHC) won the bid for the 464,961 sq. meter Philtown Industrial Park in Tanauan, Batangas.
FPHC said it was selected as the winning bidder for the land, including the improvements, through a private bidding in December, the company said in a disclosure to the stock exchange.
“This will be subject to the parties’ negotiations of, and the final agreement, on the transaction documents,” FPHC said.
The land is owned by Brilliante Realty Corp. while Mitsubishi Motors Philippines Corp. owns the improvements.
The bidding for the property was earlier scheduled Dec. 15.
The deal is seen for FPHC to expand its industrial estate business.
The company, in joint venture with Sumitomo Corp. of Japan, owns First Philippine Industrial Park (FPIP), a 450-hectare economic zone located in Santo Tomas, Batangas.
FPIP has facilities and services for manufacturing electronic and semiconductors manufacturing; solar cells and aircraft components manufacturing; plastic and metal engineering; consumer goods; and for other technology-based sectors.
Due to increasing demand for business parks not only from new foreign companies relocating their operations in the Philippines, FPIP expanded the industrial estate by acquiring another 100 hectares in 2013.
It also opened for more existing export-oriented companies that are expanding current operations.
As 2014 concluded, through their respective subsidiaries, Tokai Medical Products (TMP) and JMS Company Ltd. (JMS) signed contracts with FPIP for the lease of areas within the 442-hectare economic zone.
Apart from industrial estate development, FPHC also engaged in power generation, manufacturing operations, and real estate development.
FPHC also has interests in pipeline service, construction, drilling, and sale of merchandise. – Rappler.com
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