PhilRealty plans mixeduse project in Boni Global City

MANILA, Philippines - Philippine Realty Corp. is planning to convert a 6,400-square meter lot in Bonifacio Global City into a mixed-use complex, in partnership with its principal shareholder Greenhills Properties, in line with its goal to exit from a court-assisted rehabilitation program by next year.

 On the sidelines of the company’s annual stockholders meeting , PhilRealty president Amador C. Bacani said the company is looking to do collaborative projects with Greenhills Properties and that they are now in the process of selecting a master-planner for the project in Fort Bonifacio.

Plans include the construction of office buildings, residential towers and serviced apartments, Bacani said.

In addition, Bacani said the company will launch the second tower of the Andrea North Skyline, a P2-billion 32-story high-end residential tower in New Manila, Quezon City. The SkyBreeze tower will offer a total of 278 units with sizes ranging from 50 square meters to 180 sqm.

The units are targeted for turnover to buyers by the middle of 2015.

Andrea North Skyline is the  second major component of PhilRealty’s court-approved rehabilitation plan and is the first of the planned five luxury towers to rise on the former site of the Pepsi Cola plant.

Currently 35 percent occupied, Skyline houses 340 units, consisting of one to four-bedroom units with sizes ranging from 45 to 220 sqm. Unit prices are in the range of P3 million to P12 million each.

Bacani said the company is also building a middle-class townhouse subdivision in San Fernando, La Union.

The firm has earmarked a capital spending program of P500 million for next year to be spent on SkyBreeze and the townhouse project.

PhilRealty filed for rehabilitation with the courts after being saddled with losses since the slump of the  real estate industry in 1997.

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 and landbank 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.