Listed IRC Properties Inc. has closed the deal to sell a portion of its Rizal property to a Filipino-Chinese property developer.
In a filing with the Philippine Stock Exchange on Tuesday, IRC disclosed that it has entered into a contract to sell with Hundred Lake Development Corp., a 60-percent Filipino and 40-percent Chinese-owned corporation.
Under the agreement, IRC agreed to sell the 183,729-square meter portion of its land located in Binangonan, Rizal, to Hundred Lake for P87.3 million.
IRC, the developer of the Sunshine Fiesta subdivision project in Binangonan, earlier said that it was close to completing more than a year of discussion with a “leading Philippine publicly listed real estate developer” for the sale of some parts of its Rizal property.
It was even reported that listed property giant Ayala Land Inc. (ALI) was the buyer of a small portion of IRC’s massive land inventory in Rizal.
“We are constantly exploring potential opportunities for real estate developments in various parts of the country. However, at this point, Ayala Land Inc. is not in discussions with IRC Properties Inc.,” ALI said in a previous disclosure to the exchange.