IRC sells part of Binangonan lot

MANILA, Philippines - Listed real estate developer IRC Properties Inc. has sold a small portion of its vast property in Southern Luzon to a Filipino-Chinese developer.

The move jumpstarts IRC Properties’ plan to unload its large landbank in Rizal province.

“IRC Properties entered into a contract to sell with Hundred Lake Development Corp., a 60-percent Filipino and 40-percent Chinese-owned corporation...whereby IRC Properties agreed to sell its land located in Binangonan, Rizal,” the company said.

Specifically, Hundred Lake will acquire 183,729 square meters of land worth P87.27 million.

IRC Properties said the buyer will pay an initial P50 million upon the execution of the contract to sell.

“The balance of P37.27 million is payable upon the transfer in the name of Hundred Lake of the title to the property,” the company said.

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

Last month, IRC Properties said it is finalizing negotiations to sell some of its landbank to a “Philippine publicly-listed premier real estate developer.”

IRC Properties, the company behind the Sunshine Fiesta community project, earlier said it is in talks with major and foreign firms for potential mixed-use, township and community developments.

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 in 1978.

Property giant Ayala Land Inc. (ALI), which was rumored to acquire the large Binangonan landbank, earlier denied it is under negotiations with IRC Properties.

In a separate disclosure, ALI also denied rumors regarding the acquisition of the 43-hectare Manila Golf and Country Club.

“While ALI constantly explores options to enhance and expand our developments, our company is not in discussions with the management or shareholders of the Manila Golf Club regarding the acquisition of the 18-hole golf course in Makati,” ALI said.