philippine real estate news: Federal Land wants PNB lot

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Federal Land wants PNB lot

By Jenniffer B. Austria | Posted on August 28, 2012 | 12:01am |

[ manilastandardtoday.com ]

Federal Land Inc., the property unit of tycoon George Ty, has expressed interest in acquiring a foreclosed 8,000-square-meter prime lot in Makati City previously owned by a company of businessman Ramon Jacinto.

Federal Land executive vice president and general manager Jose Mari Banzon said in an interview the company had offered to acquire the property at the corner of Gil Puyat Ave. and Paseo de Roxas from Philippine National Bank.

Banzon said Federal Land planned to transform the lot into a mixed-use development.? The property is beside the head office of Ty-controlled Metropolitan Bank and Trust Co.

Banzon conceded that other property developers were also interested in acquiring the same lot, which served as an open parking lot since 1997.

Federal Land is a wholly-owned unit of GT Capital Holdings Inc., the listed holding company of the Ty group.

The property firm posted a net income of P1.7 billion in the first half, up 77 percent from previous year?s P201 million. Revenues grew 123 percent to P3.6 billion from P1.6 billion during the same period on higher real estate sales.

Federal Land has 19 ongoing projects and a landbank of 100.8 hectares as of -end 2011.

The Buendia property was previously subject to a dispute between PNB and RJ Group.

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Source: http://philippinerealestatenews.blogspot.com/2012/08/federal-land-wants-pnb-lot.html

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