The Philippine Realty & Holdings Corporation will undertake various luxury residential and commercial projects in Metro Manila after getting out of a Quezon City court-assisted rehabilitation program, PhilRealty president Amador Bacani said Thursday.
“We can now go back to the market and raise money. There are no plans yet, but we can now tap the capital market for both equity and debt fundraising,” Philrealty director Andrew Alcid said.
“It [rehab exit]will also allow us to achieve all the plans that we have been working on,” he added.
A slump in the local real estate industry in the wake of the 1997 Asian financial crisis has forced PhilRealty to seek rehabilitation.
Amador Bacani, president of Philrealty, told reporters in a briefing on Monday the Quezon City court judge has terminated the court-assisted rehabilitation after the listed firm successfully implemented its rehab plan. This was later disclosed to the Philippine Stock Exchange.
The company said it is now offering units in the second phase of Sky Villas Tower, the second phase of its upscale Andrea North residential project in New Manila, Quezon city. The move marks its re-entry to the local real estate market after bouncing back to financial health. It expects to generate about P3 billion from the sale of units in the second tower of Sky Villas.
PhilRealty is investing about P10 billion in the project that is due for completion in the second half of 2016. “In the strong economy, the ones who benefit the first are the rich and that’s our market,” Bacani said.
Besides Andrea North, PhilRealty is also developing jointly with Greenhills Properties Inc. a mixed-use residential-hotel-commercial project, Project Cube 5th Avenue, in Bonifacio Global City.
The joint venture is also set to begin work on El Pueblo, a mixed-use development with a retail anchor on a 5,900-square-meter site at the Ortigas central business district.
“We are also eyeing further expansion of our development portfolio as we train our sight on a future township project outside Metro Manila,” Alcid said. He said PhilRealty has already identified development sites for potential acquisition, but he declined to specify their location.