- Published on Tuesday, 20 November 2012 21:01
- Written by Miguel R. Camus / Reporter
PROPERTY
developer Philippine Realty and Holdings Corp. (Philrealty) may still
be under corporate rehabilitation but the builder is pursuing projects
in Quezon City and possibly Bonifacio Global City in Taguig on the back
of buoyant sentiments in the real-estate sector.
Philrealty President
Amador Bacani said in a phone interview on Tuesday the company already
started the initial stages of construction of the second tower of its
flagship Andrea North residential condominium complex in New Manila,
Quezon City despite earlier delays. He said the first tower was
completed last year.
Bacani added that the
firm is in negotiations with shareholder Greenhills Properties Inc. over
a 6,400-square-meter property in Bonifacio Global City, which
Philrealty is looking to develop into a mixed-use complex.
“There will be a
retail podium, residential condominiums, and office component and maybe
serviced apartments. So it may have two to three towers,” Bacani said.
The project is still
in the planning stages with the builder eyeing to start construction by
2014. Asked about its rehabilitation, Bacani said a new judge was
recently appointed to the case. He said they are hoping to finally exit
corporate rehabilitation sometime next year. Philrealty filed for
corporate rehabilitation with the Quezon City Regional Trial Court in
late 2002 after its business was hurt by the 1997 Asian financial
crisis.
In Photo:
Philippin Realty and Holdings Corp. President Amador C. Bacani
(center), Philrealty Corp. Chairman Gerardo Lanuza (left) and Board
Member Mariano C. Ereso Jr. are all ears as they ponder a question
during their annual stockholders’ meeting on Monday at Philippine Stock
Exchange Auditorium, Ortigas Center. The offi cials said the company
hopes to exit rehabilitation soon and announced they have started
pursuing some projects in Quezon City and possibly at the Bonifacio
Global City. (Nonoy Lacza)
No comments:
Post a Comment