After exiting its court-assisted rehabilitation, Philippine real estate pioneer Philippine Realty Holdings Corp. (Philrealty) plans to double its capital from P2.7 billion to P5 billion sometime next year to better position the company for further fundraising for projects already in the pipeline.
At its annual stockholders’ meeting held in Ortigas on Monday, Philrealty president Amador Bacani said the company is looking to increase its authorized capital to P5 billion from P2.7 billion as its considers how to raise funds for some P20 billion worth of projects that are in the pipeline.
“We are still initiating the process. In the next six months, we may already apply for the approval of the Securities and Exchange Commission [to increase capital]. Hopefully next year we would have the actual approval,” Bacani told reporters.
Philrealty applied for debt rehabilitation in December 2002 after declaring its inability to pay for its debts. In March this year, a Quezon City court judge terminated the court-assisted rehabilitation after the company successfully implemented its rehab plan.
“We can now go back to the market and raise money. There are no plans yet, but it allows us to have tap the capital market for both equity and debt fundraising,” Andrew Alcid, Philrealty director, said in a previous interview.
Among the company’s big-ticket projects are a mixed-use office and residential tower in Taguig, which has a sales value of about P10 billion, and a prospective retail development in Pasig, which also has an approximate sales value of P10 billion.
Bacani said the “five pillars” of the company’s growth strategy over the next five to 10 years will be based on residential, office, retail, and township developments plus corporate social responsibility.
For residential, Bacani highlighted Andrea North, an upscale P25-billion community development in Quezon City to be completed in 10 years time, while for office developments, the company is planning to build a mixed-use office tower in Taguig in partnership with Greenhill Properties, Inc.