• IRC to raise P500M

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    IRC Properties plans to raise P500 million to P600 million through a private placement next year to finance its projects for 2015.

    IRC President Esteban Pena Sy said new strategic investors will be in by the first quarter.

    At present, Pena Sy said the company is currently developing 4 hectares of its 2,200-hectare land in Binangonan, Rizal where some 486 affordable houses will rise.

    For 2015, IRC is set to undertake another housing project opposite of the 18-hectare land which is under a deed of sale with Ayala-led Amaia Land Corp.

    “We are also talking to our prospective partners for developing a high-end condo project on our land inside the Eastridge Golf Course for next year,” Pena Sy said.

    According to its 2013 annual report, IRC has 13,406 square meters of vacant lot within Eastridge Golf Village, which is a mixed residential and recreational complex in Binangonan, Rizal. IRC has acquired the Eastridge property from PrimeEast Properties Inc. way back in October 2009 via a deed of absolute sale.

    To date, the Eastridge land is valued at P60.344 million from P46.92 million when it was acquired in 2009.

    In terms of its land deal with Amaia, Pena Sy said the closure of the deed of sale is seen next year as the both parties are still finalizing Amaia’s acquisition of 18 hectares out of the 2,200 hectares land in Binangonan, Rizal.

    The 18-hectare Binangonan lot—approximately 180,000 sqm— that Amaia is acquiring is estimated to cost more than P180 million as the Binangonan lot value was raised to P1,000 per sqm as of last year.

    The 18-hectare land is only a part of the original 50-hectare proposed land acquisition, where Amaia will develop 1.3 million low cost houses with funding coming from Home Development Mutual Fund (Pag-Ibig).

    Including the ongoing Amaia land deal, a total of 59.82 hectares are already cornered by several property firms that have bought parcels of land within IRC’s 2,200 hectares Binangonan lot.

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