IRC finalizes talks on sale of landbank

MANILA, Philippines -Real estate developer IRC Properties Inc. is finalizing negotiations to sell some of its landbank to another listed property firm.

“The company is in the final stages of selling part of its landholdings to a Philippine publicly-listed premier real estate developer,” IRC Properties said.

“This is the culmination of more than a year of due diligence by the buying entity,” it said, adding that financial closing is expected this quarter.

Company officials were not immediately available for comment.

IRC said its Sunshine Fiesta development has become a community that attracted major property developers.

The property developer owns about 2,200 hectares of land in Binangonan, Rizal province. IRC Properties also owns Apo Island, an 896-hectare island in Coron, Palawan.

“To further bolster this community, the sale is simply an initial transaction with a further understanding for future land sales and joint venture projects,” IRC Properties said.

Last month, IRC Properties announced it is in talks with the local partner of a foreign group for the sale of a 22-hectare lot in Rizal province.

IRC Properties said it is in talks with major and foreign firms for potential mixed-use, township and community developments.

“These developments target various market segments and both foreign and local property buyers,” it added.

IRC Properties, formerly Interport Resources Corp., was incorporated in 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources. It pursued oil exploration activities and drilled two wells in Southern Mindoro and the Sulu Sea areas before focusing on property development starting in 1978.