Philrealty re-emerges, launches P2-billion condominium project

MANILA, Philippines - After being on hiatus for about 10 years, Philippine Realty & Holdings Inc. is back in the property business with the relaunch of its P2 billion high-end residential project, Andrea North Skyline Tower, today.

The project is the first component of the planned five luxury tower condominium cluster located at the corner of Balete Drive and N. Domingo St. in New Manila, Quezon City.

“We are excited to be back in the Philippine property market.

The relaunch of The Andrea Skyline, despite the challenging times, is a testament to our confidence in the Philippine economy and a commitment to the Filipino home buyer”, said Philrealty chairman Gerardo Lanuza.

The 32-story Andrea Skyline Tower will house 340 units, consisting of one-, two-, three-, and four-bedroom units with sizes ranging from 45 to 220 square meters. Unit prices are in the range of P3 million to P12 million each. To rise on the former site of the Pepsi Cola plant, the project is slated for completion by the middle of 2010.

Among the project’s amenities include a jacuzzi, open garden and large two-level function rooms as well as a clubhouse and swimming pool located at the ground level of the two-hectare property.

“The Andrea Skyline is an ideal home for families that are either starting or growing in size and incomes. Apart from the larger-than-average area size of the units, The Andrea Skyline is strategically located with an ideal proximity to top-notch schools,” said Amador Bacani, president of Philrealty.

Once a high-profile real estate company, Philrealty is primarily known for its projects in the Ortigas Center, foremost of which is the Tektite Towers – the headquarters of the Philippine Stock Exchange (PSE).

Philrealty’s other projects include the Alexandra, a luxury mid-rise residential condominium in Ortigas, and La Isla, an exclusive high-end condominium with 28 units on a 20-story building.

Owing to tight liquidity problems as a result of the slump in the real estate industry since 1997, Philrealty filed for suspension of debt payments and rehabilitation with a local court to prevent creditors from instituting foreclosure proceedings.

Philrealty is hoping to cut its debt to just P60 million by yearend through dacion en pago or payment-in-kind scheme. The move is expected to expedite the company’s exit from rehabilitation.

From P829.5 million in 2006, Philrealty has managed to bring down its debt to just P532 million at the end of 2007, using cash generated from the sale of a lot in Fort Bonifacio and proceeds of a joint venture of another lot in the former military complex dubbed Icon Residences, a two 34-storey luxury residential condominium building.

The Icon Residences is now more than 90 percent sold with the first tower slated for completion in December 2009 and Tower 2 by the second quarter of 2010. This project is in partnership with Xcell Property Ventures Inc., led by shareholders of the old International Exchange Bank.