Publicly-listed MRC Allied Industries Inc. is planning to acquire a 5,972-square meter property in Divisoria, Manila, the company told the Philippine Stock Exchange.
The acquisition of the property, located at the corner of Recto Avenue and Dagupan Street is subject to due diligence and appropriate valuation.
The proposed transaction, which includes the acquisition of Benison’s Shopping Center, is in line with efforts to diversify MRC Allied’s income-generating real estate holdings.
Launched in October 2007, Benisons Shopping Center is a five-floor commercial building near the vicinity of Divisoria’s older malls. It is building an exclusive residential community called The Top at Benisons, a 47-townhouse unit located at the top floor of the mall.
Apart from its unique design complete with driveways and ample parking space for both residents and their visitors, The Top features a swimming pool, a clubhouse, a children’s playground, a fountain and a guardhouse in its total lot area of about 6,000 square meters. Other amenities include a standby generator, a centralized water system, a fire alarm system, four fire exits, 24-hour security complete with CCTV and service elevators.
Targeting the upper-class market, The Top will have a modern Asian concept design. Thirty of the 47 townhomes will be two-bedroom units with floor areas of 97 to 118 sqm., while the remaining 17 townhomes would be three-bedroom units with areas of 122 to 163 sqm. Ground floor areas will include a built-in garage or carport, foyer and terrace.
The ground floor of Benisons Shopping Center comprises retail stall units for dealers of various dry goods and its anchor tenant, Puregold Supermarket, which is slated to start commercial operations next month. Its second and third floors will have dining outlets, tiangge, and retail stores while the fourth floor shall serve as the parking area.
Construction date for the townhomes project started last September, with target completion on the fourth quarter of 2009. – Zinnia Dela Peña