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The Land Bank of the Philippines (LBP) on Wednesday
denied signing a memorandum of understanding with India-based
real-estate firm Zoom Developers for multimillion-dollar projects in
Metro Manila.
Asia Pulse, a consortium of
government news agencies, reported that Zoom has proposed a capital
outlay of $100 million for the construction of 600 condominiums in
the Philippines’ Forbes Park area.
But Edward John T. Reyes, LBP
vice-president for Program Lending Group, said the lender has no
knowledge of any plan of Zoom to invest $100 million in the
development of a 1.5-million square feet of condominiums in Manila
and Makati.
“We have no MOU or any talks
with Zoom Developers. Last year, a consortium of banks, including
LBP, had foreclosed the special assets of Zoom. This is the only
transaction we’ve had with them,” Reyes said in a telephone
interview.
Rumneek Bawa, Zoom chief
executive, said in a statement last week that the company has
proposed a capital outlay of $100 million for the construction of
600 condominiums in the Forbes Park area.
“Having recognized the need and
vantage of such condominiums in the plush metros, we are thoroughly
encouraged to develop such facilities for the residents of Manila
and Makati,” Bawa added.
--Chino S. Leyco
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