Federal Land Inc., the property arm of the George Ty-led conglomerate GT Capital Holdings Inc., is looking to launch up to six real estate projects this year, a company official told The Manila Times.
“We estimate five to six projects. This is a very safe estimate,” GT Capital President Carmelo Maria Luza Bautista said in an interview.
“It still depends on the take-up and it depends on the outlook,” he added.
According to him, the company may utilize the Metrobank Group’s properties in Binondo, Manila, for its new projects. The Metropolitan Bank and Trust Co. is the banking arm of GT Capital Group.
“And then, second is, there will be other acquisition of properties in Bonifacio Global City [in Taguig City], also under the bank’s [Metrobank] assets,” Luza said.
The company may also pursue the development of its property in Biñan, Laguna. Federal Land has a 180-hectare lot located within the area.
“The reason why the Biñan property is taking so long is because there is a debate, pinag-iisipan pa kung residential ba, commercial ba, or techno park ba [the group is still thinking what projects should be undertaken, whether it’s residential, commercial, or techno park],” Luza further said.
“That’s still being studied. And we’re still looking for the right partner,” he added.
Luza said that Federal Land may start launching projects again early this year.
“We already launched three in 2013. You don’t want to launch a project in Christmas because everybody is doing their shopping. So ideally, we normally launch [on]Chinese New Year. So that’s probably the time we will start launching projects,” he specified.
In early 2013, Federal Land tapped P5 billion in corporate financing to fund its ongoing projects, among other things.
According to the group, proceeds of the facility, which consists of 7- and 10-year fixed-rate notes, will be used for the property developer’s ongoing projects, working capital and general corporate purposes.