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PHILREALTY: Inks Deal with Greenhills Properties To Build Global City Tower Complex

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PHILREALTY: Inks Deal with Greenhills Properties To Build Global City Tower Complex

Philippine Realty and Holdings Corp. has inked a deal today, March 6, 2013, at Edsa Shangri-La Hotel in Mandaluyong City with principal shareholder Greenhills Properties Inc. (GPI) on a P5-billion three-tower mixed-use development in Bonifacio Global City. 

Present during the event are top officials of both companies who talked about their latest property development project, the Andrea North Sky Breeze – an exciting project located in a mixed business-lifestyle area that is currently experiencing a robust construction boom.  

Under a memorandum of agreement (MOA), Philrealty will develop the masterplan of GPI’s prime 6,400-square-meter property located near the future site of the Philippine Stock Exchange in BGC.  The new project will include the following:
It can be recalled that Philrealty was one of the original members of the consortium that took over the privatized Fort Bonifacio. Today, during the signing ceremony Philrealty president Amador Bacani said that Philrealty seeks to raise its stake in BGC,

“This project will really show Philrealty’s renewed capability as a property developer known for building landmarks.  The location is strategic and the timing is perfect for Philrealty to put its mark on BGC,” Bacani said. 

“We look forward to this value-enhancing project and share in Philrealty’s vision of building a new landmark in BGC,” GPI chair Gerardo Lanuza Jr. said. 

The project will rise on an entire block connecting 5th and 6th Avenues as well as 25th and 24th Streets.  The P5-billion estimated project cost for this mixed-use includes the cost of land, Bacani said. 

The project would comprise three towers connected by a podium structure which would house the retail shops.  The said shops would cater to the community in the mixed-use development. 

The retail development will be followed by either an office or residential tower, Lanuza said.  He added that the upscale residential tower was envisioned to be a very exclusive, low-density development similar to the high-end La Isla project in Ortigas. 

“There will only be a maximum of four units per floor,” Lanuza III said, estimating a cut of at least 250 square meters per unit. 

La Isla, likewise a collaboration between Philrealty and GPI, was built at around the same time that the property developer put up the Alexandra residential clusters and the PSE Tektite Center in the area. 

Target completion of this project would be within the next five to six years. The group will appoint a master planner in the next three to six months, after a definitive joint venture shall have been signed, Bacani said. 

As to the funding of this project, Bacani said Philrealty would see free cash from the sale of residential units in the 31-storey Skybreeze.  At the same time, he hoped to liquefy soon the group's provincial properties.

Skybreeze tower will be offering  (two hundred eighty) 280 units from which Philrealty expects sales to reach nearly P3 billion.  This is the second of the five planned towers in the Andrea North condominium complex in New Manila, Quezon City.

Philrealty is a publicly listed property developer (Ticker: RLT) and holding company known for major projects such as the Philippine Stock Exchange Center and the Alexandra mid-rise luxury condominiums in Ortigas Center, Pasig City. The company also invested in non-life insurance via Meridian Assurance. Philrealty’s majority shareholder is GPI.

GPI is a privately held investment company focused on real estate and private equity.
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