LISTED property developer Primex Corp. said on Friday it plans to build Primex Tower, a 50-story project in San Juan City worth P3.6 billion.
“About Primex Tower, we have already talked to the city of San Juan. And San Juan City is very pleased [for us]to put up that 50-story building,” Primex President Ernesto Ang told reporters following the company’s annual stockholders’ meeting held in Pasig City.
The tower will rise along EDSA corner Connecticut in San Juan City in Metro Manila and construction is expected to start within the year.
“This Primex Tower, the estimated cost of the building would be at P2.6 billion, plus the lot is almost close to P1 billion, so the total project cost of Primex Tower would be around P3.6 billion,” Ang said.
It will be developed by a foreign firm but Ang declined to give further details until the agreements are completed.
Ang said Primex sees a “rosy and positive 2017 ahead” and expects the project to have a positive impact on the company’s growth.
Primex also plans to come up with a dividend policy to benefit shareholders as a testament to the improvement of its financial performance, he said.
Incorporated in 1986, Primex is a listed real estate firm which is engaged in the purchase, lease and development of properties. Its projects include two high-end residential developments—Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City—as well as the Goldendale II and Tresor Residences also in Malabon.