LISTED property developer IRC Properties Inc. said it has sold a six-hectare parcel of land in Binangonan, Rizal to a subsidiary of Ayala Land Inc. (ALI) for about P30 million.
IRC Properties chairman Esteban Pena Sy told The Manila Times that Amaia Land Corp. has acquired an initial six hectares from IRC’s 2,200-hectare property in Binangonan, Rizal.
“Actually, the agreement was that we sell to them 18.8 hectares, but they acquired the six hectares first because the other 12 hectares, there are still some documents pending for clearance,” Pena Sy said in an interview following the company’s annual stockholders’ meeting last week.
Pena Sy said they are still in the process of clearing portions of their Binangonan property due to the number of land claimants that are coming out.
“We already cleared 165 hectares. We have another 50 hectares which are in the process of clearing and there are more to come because there are some claimants who already approached us,” Pena Sy said.
IRC Properties hopes to sell the remaining 12 hectares to Amaia by early next year.
“As soon as we clear those documents, then they are ready to get it. So hopefully by early next year we can be done with all the papers,” Pena Sy said.
Pena Sy noted said that last year, the total acquisition price for the 18.8 hectares was about P100 million. The price of the initial six hectares is about P30 million, which will be paid in installments over a two-year period by Amaia.
“Three years ago we already agreed that each square meter will be P500 only. That’s why if you have 18 hectares it’s P90-plus million. So right now, six hectares is about P30 million something, but we allowed them to pay in two years” by installment, Pena Sy said.
IRC Properties currently has three subdivision projects in the Binangonan property—the 7-hectare Sunshine Fiesta Subdivision, the 8-hectare Fiesta Casitas and the 4-hectare Casas Aurora.
It plans to launch a fourth subdivision project in the area called Casas Bauhinta, which will occupy approximately 5 hectares of land.