Golden Haven diversifying into low-cost housing

MANILA, Philippines — Golden Haven Inc., the listed memorial developer of the Villar Group, is diversifying into mass housing through the acquisition of Bria Homes Inc.

 In a disclosure to the Philippine Stock Exchange (PSE), Golden Haven said it would be issuing 150 million shares to Bria Homes’ principal stockholder, Cambridge Group, as payment for the purchase.

The shares, which will come out of Golden Haven’s unissued authorized capital stock, are P20.0935 per share or P3.014 billion.

“The company plans to submit the listing application with the Philippine Stock Exchange on or before Jan. 10, 2018 and complete the listing of Golden Haven common shares by March 30, 2018,” Golden Haven said.

The transaction paves the way for Golden Haven’s foray into mass housing and will allow it to utilize its land bank.

“The company believes the acquisition of Bria Homes Inc. will diversify its real estate business by entering into the mass housing market, accelerate growth and enhance profitability through the creation of additional revenue streams independent of its current business, and maximize the value of its land bank by providing other avenues for its utilization and build shareholder value,” Golden Haven said.

Golden Haven, a fast growing memorial company, earlier launched eight memorial park developments, covering a total area of over 66 hectares all over the country.

The parks are in Zamboanga, Cagayan de Oro, Cebu, Iloilo, Bulacan, Cavite, Las Piñas, Pampanga, and Nueva Viscaya.

It made its debut in the local stock market last year.

Cambridge is owned by Fine Properties, also of the Villars.

According to its website, Bria has a total of 27 developments across some of the country’s most progressive towns and cities: Mariveles, Bataan; San Fernando, Pampanga; Magalang, Pampanga; San Jose Del Monte, Bulacan; Malolos, Bulacan; Sta Maria, Bulacan; Norzagaray, Bulacan; General Trias, Cavite; Trece Martires, Cavite; San Pablo, Laguna; Calamba, Laguna; Sta. Cruz, Laguna; Teresa, Rizal; Binangonan, Rizal; Baras, Rizal; Pili, Camarines Sur; Calbayog, Samar; Dumaguete, Negros Oriental; Cagayan De Oro, Misamis Oriental; Balingasag, Misamis Oriental; Manolo Fortich, Bukidnon; Panabo, Davao Del Norte; Tagum, Davao Del Norte; Digos, Davao Del Sur; General Santos, South Cotabato,  Kidapawan and North Cotabato.