PHILIPPINE REALTY & Holdings Corp. (PhilRealty) has moved to forge a preliminary deal with its majority investor Greenhills Properties, Inc. to develop the latter’s property in Bonifacio Global City (BGC) into a mixed-use project, PhilRealty said in a disclosure yesterday.
Expenses weigh on property firm’s bottom line
“In its regular meeting today (Nov. 27), our board of directors approved the signing of a memorandum of agreement with our principal shareholder, Greenhills Properties, whereby the company undertakes to prepare at its sole expense, a master plan for the development of Greenhills Properties’ 6,400-square-meter property at Bonifacio South District, BGC,” the disclosure read.
“The signing of the agreement will take place as soon as we finish evaluation of proposals solicited from local as well as foreign architectural firms. The preparation of the conceptual master plan will take thee to six months, after which our company and Greenhills Properties intend to enter into a definitive joint-venture agreement.”
Real Estate Broker
PRC Reg. No.: 7396
Member: Philippine Association of Real Estate Boards – City of Taguig Real Estate Board