Listed real estate firm IRC Properties Inc. is only awaiting the “draft contracts” for Amaia Land Corp to finalize its purchase of an 18-hectare land parcel out of IRC’s 2,000-hectare property in Binangonan, Rizal.
An IRC representative told The Manila Times that Amaia, a low-cost housing subsidiary of Ayala Land Inc., has settled for a deed of sale of 18 hectares, out of 50 hectares originally proposed for acquisition.
“We’re just waiting for the draft contracts from them, which may be finalized today or tomorrow [September 19 or 20],” the IRC source said.
The source said the Binangonan lot value was raised to P1,000 per square meter (sqm) as of last year. The 18-hectare parcel that Amaia is acquiring is estimated to cost more than P180 million.
“We will negotiate the rest of the 50-hectare land, whether to close another deal or go into a joint venture,” the IRC representative said.
The source said the company is already done clearing the land titles of the remainder of the 50-hectare property to be negotiated with Amaia.
Last July, IRC President Esteban Pena Sy said after the firm’s stockholders’ meeting that the company was still clearing the land titles of about 20- to 30-percent of the 2,000-ha Binangonan property due to numerous individuals claiming parcels of land in the area.
Aside from Amaia, a Chinese-Filipino firm Hundred Lake Development Corp. has entered into a P87.3-million Binangonan land deal with IRC, as well as a Japanese group consisting of Tamurakenzai Co. Ltd. and S. Investments Inc.
Though declining to disclose names, Pena Sy said an interested firm is in the process of looking at IRC mother titles in the Binangonan lot, and another firm is eyeing a joint venture with IRC.
With a possibility of a share sale to the interested companies, Pena Sy said the company still needs to increase capitalization to as much as P3 billion from the current P1 billion, and be able to secure regulatory approval from the Philippine Stock Exchange and Securities and Exchange Commission.
Incorporated in 1975, IRC was first involved in minerals, oil and gas exploration and later changed its operations to real estate.