DMCI Holdings Inc., the publicly listed umbrella unit of the D.M. Consunji construction group, is close to finalizing a land deal with the Metro Pacific group for an 87-hectare lot in Batulao, Batangas.
In a statement to the Philippine Stock Exchange, DMCI through its wholly owned subsidiary DMCI Property Developers Inc. said it was nearing a settlement with Metro Pacific arm Landco Pacific Corp. to acquire the Batulao property.
"We wish to confirm that DMCI Holdings Inc. through its 100 percent-owned property arm DMCI Property Developers Inc. is close to finalizing a deal with the Metro Pacific group aimed at settling a land acquisition dispute," DMCI president Jose Merin said.
The land dispute came about after Metro Pacific failed to deliver the property which was bought and partially paid for by DMCI for an undisclosed amount last year.
The conflict in the land turnover was caused by right-of-way problems which the parties have since been negotiating. -- Conrado Diaz Jr.