Philrealty sets mixed-use complex in Fort Bonifacio

Partnership with shareholder Greenhills Properties

PHILIPPINE Realty and Holdings Corp. is set to enter into a deal with principal shareholder Greenhills Properties Inc. (GPI) for the development of a 6,400-square-meter prime property in Bonifacio Global City into a mixed-use complex.

In a disclosure to the Philippine Stock Exchange yesterday, Philrealty said its board approved the signing of a memorandum of agreement with GPI as soon as it has finished evaluating proposals solicited from local and foreign architectural firms on a master plan for the property.

Philrealty has undertaken to prepare at its sole expense the master plan for the development of the property owned by GPI at the Bonifacio South District, Bonifacio Global City. The property consists of four 1,600-sqm lots forming a block bounded by 5th Avenue, 25th St., 6th Ave. and 24th St.

“A mixed use development is envisioned with retail, residential, office and serviced apartments components,” the disclosure said. “The preparation of the conceptual master plan will take three to six months, after which our company and GPI intend to enter into a definitive joint-venture agreement.”

The company had undertaken two other property projects in BGC —Icon Plaza and Icon Tower—where it contributed the land in both while a partner developed the property. For the upcoming BGC project, Philrealty will be the developer.

This BGC project has been identified as a priority because of robust property prospects in the area. Philrealty does not need to raise fresh funds to develop the BGC property as the company intends to generate cash flow from the launch of the second tower of its New Manila residential project Andrea North.

After completing the first building Skyline Tower in Andrea North, which is now 35-percent occupied, Philrealty will bring to the property market early next year the second tower Sky Breeze, which will offer 278 units in 31 floors and targeted for delivery to buyers by mid-2015. Sales value of all units in the second building is estimated at more than P2 billion. The Sky Breeze units will have as small as 50 sqm for the onebedroom units to 180 sqm selling for P90,000 to P100,000 a sqm.

The Andrea North project sits on a two-hectare property masterplanned for five residential towers with a lot of open space.