Brittany allots P12B for Laguna, Cavite projects

Brittany Corp., a sister firm of Camella and Palmera (C&P) Homes, has earmarked P12 billion for the development of an IT (information technology) park and a residential subdivision.

Brittany corporate communications officer Nova Naval said the company is planning to convert a 30-hectare property owned by the Quiros family into a residential subdivision catering to the upper-middle class. The property is situated in Sta. Rosa, Laguna.

Naval said the project is estimated to cost around P5 billion.

The residential units, she said, will be sold at P6 million to P10 million per unit.

Aside from this, Brittany is also set to start construction of an IT park with a commercial component that will cost around P7 billion. The project, which is expected to be completed within five to seven years, is in joint venture with the Union Bank of the Philippines.

The IT park will rise on a 150-hectare property in Dasmariñas, Cavite.

C&P Homes is the largest private low-cost housing developer in the Philippines. It operates in different regions throughout the country. In addition to its core business of providing low-cost housing to the poorer segment of the population, it is expanding its products to include higher value homes that cater to the growing middle class.

C&P Homes is raising its capitalization to P7 billion as part of its capital and debt restructuring program aimed at cleaning up its books. The new shares coming from the capital increase will be issued to investors who have agreed to convert their holdings of C&P long-term commercial paper into C&P shares.

The company has approved the restructuring of $150 million worth of floating-rate notes.

C&P continues to settle some of its obligations through outright and unconditional sale of real estate properties and sale of assets as liquidity mechanism.

Among the firm’s creditor-banks include Bank of the Philippine Islands, Equitable-PCIBank, International Exchange Bank and Rizal Commercial Banking Corp.

C&P had entered into swapping deals with its business partners to service some operational requirements.

The company is strengthening its foothold in the middle-income market through its Crown Asia projects. Its home designs range in gross floor area from 21 to 74 square meters and the selling price ranges from P150,000 to P2 million.