MANILA – GT Capital Holdings Inc. said Friday it took a majority stake in Property Company of Friends Inc. by subscribing to an additional 28.3-percent stake in the developer for P8.76 billion.

This brought GT Capital’s stake in Pro-Friends to 51 percent, the company told the stock exchange. It initially took a 22.7-percent stake under an agreement in August last year.

The Pro-Friends venture will allow GT Capital to expand to the affordable residential market, GT Capital Co-Vice Chairman and Pro-Friends Chairman Alfred Ty said.

"Underpinned by the continued growth of the Philippine economy, demand in the affordable property sector continues to outstrip supply," he was quoted as saying in the stock exchange disclosure.

GT Capital, the holding company of billionaire George Ty also controls upper to middle-end developer Federal Land.

GT Capital shares were up 1.04 percent to P1,455 in early trading Friday.