Philrealty starts pursuit of big projects

By Miguel R. Camus, BusinessMirror

Posted at Nov 21 2012 07:26 AM | Updated as of Nov 21 2012 05:24 PM

MANILA - 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.