Philippine Realty and Holdings Corp. (Philrealty) and Greenhills Properties Inc. (GPI) signed today a Memorandum of Agreement (MOA) that seals their partnership in developing a prime property in Bonifacio Global City (BGC).
Under the MOA, Philrealty will develop the masterplan of GPI’s 6,400-square meter property located near the future site of the Philippine Stock Exchange (PSE) at the center of BGC. The property consists of four 1,600-square meter lots comprising an entire block that connects the 5th, 6th, 25th and 24th Streets in the BGC South district. Philrealty and GPI envision this project to become a prime mixed-use development that will feature retail, residential, office, serviced apartments, and a hotel.
Philrealty President, Amador Bacani, explains, “This project will 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.”
Gerardo Lanuza, Jr., Chairman of GPI, adds, “We look forward to this value-enhancing project and share in Philrealty’s vision of building a new landmark in BGC.”
The BGC project will be added to the growing number of projects of Philrealty. The company will be launching a second tower called Skybreeze at its Andrea North condominium development in New Manila, Quezon City. The company expects sales of nearly Php 3.0 billion from the 31-storey Skybreeze Tower, which will offer 280 units with cuts that are larger than those offered within the vicinity. The Skybreeze condominium will offer 1BR units at a minimum of 50 square meters each up to 3BR units at 180 square meters each. This will be the second of five planned towers in the Andrea North condominium complex.
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.