Philrealty board OKs deal with Greenhills

ABS-CBN News

Posted at Nov 28 2012 03:52 PM | Updated as of Nov 28 2012 11:52 PM

MANILA, Philippines - Developer Philippine Realty & Holdings Corp. (Philrealty) will soon develop Greenhills Properties Inc.'s property in Bonifacio Global City, Taguig.
 
In a disclosure to the stock exchange, Philrealty president Amador Bacani said the company's board of directors has approved the signing of a memorandum of agreement with GPI, its principal shareholder.

Under the agreement, Philrealty will prepare a masterplan for GPI's 6,400-square  meter property at Bonifacio South District, Bonifacio Clobal City.

The property consists of four 1,600-square  meter lots, which form a block bounded by 5th Avenue, 25th Street, 6th Avenue and 24th Street.

The project will be a mixed-use development with retail, residential and office components.

Philrealty said the MOA will be signed after it has evaluated proposals from local and foreign architectural firms.

"The preparation of the conceptual masterplan will  take three to six months after which our company and GPI intend to enter into a definitive joint venture agreement," Philrealty said.

Earlier this week, Philrealty said a regional trial court rejected its request to terminate rehabilitation proceedings.