IRC Properties open to JVs with major developers

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LISTED Property developer IRC Properties Inc. is open to possible joint ventures with some of the country’s top real estate developers, according to IRC Properties Chairman and Chief Executive Officer Esteban Pena Sy.

At the company’s annual stockholders’ meeting held last week at Sofitel Plaza Manila, Pena Sy told shareholders the company is open to having joint projects with other developers and that they have been in contact with a number of firms.

“The management has been in contact with several groups. They really are really interested in our properties,” said Pena Sy.

He did not disclose the names of the developers but he confirmed that these are big companies who are also listed on the Philippine Stock Exchange.


Pena Sy also informed shareholders that negotiations with a unit of Ayala Land, Inc. (ALI), specifically Amaia, have been concluded two years ago.

He said that Amaia has acquired 18.8 hectares of IRC’s 2,200-hectare property in Binangonan, Rizal for almost P100 million.

Pena Sy said that although a deal has been made with Amaia, no formal announcement has been made by both parties since they are still in the process of fixing a drainage problem in the property.

He added that they will “hopefully conclude the agreement by the end of the year.”

“We can negotiate for more sales, for more joint ventures. In fact, in our initial agreement [with Amaia], we said that we can have some more joint ventures for the development of further additional projects,” said Pena Sy.

While big companies have expressed interest in acquiring land and creating joint venture projects with IRC, Pena Sy said they will not make any agreements as yet since they are still “cleaning house.”

According to the chairman, a number of claimants have come out saying that they own parts of IRC’s 2,200-hectare property in Binangonan. He said that about 60 percent of the land is being claimed by those saying that they allegedly own the property,

He said that until the company has “cleared our house, we hesitate to make any commitments.”

Pena Sy said they are still trying to verify the authenticity of the alleged claimants.

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