PNOC unit starts two projects in Cavite, Manila

PNOC-Management and Development Corp. (PMDC) has started two property development projects in Manila and Cavite, a ranking company official said.

Formerly Filoil Management and Development Corp., PMDC is the real estate development arm of the state-owned Philippine National Oil Co. (PNOC).

PMDC president Cayetano Paderanga, The STAR that the company has entered into a build-operate-transfer (BOT) contract with Phoenix Sun, local contractor/developer, to put up a mixed residential project in Sta.Mesa, Manila.

"We hope to inaugurate the 4.7-hectare project within the year. We hope to put up between 4,000 to 5,000 housing units there," Paderanga said.

Aside from the Sta.Mesa project, PMDC is also developing a 30-hectare property in Rosario, Cavite.

The Cavite project is being undertaken by PMDC in partnership with the Sta. Lucia Realty Corp.

Paderanga said they were able to convince the "informal dwellers" to either move in to a closer area or to the new housing project.

"We hope that this will solve the problem so that the development in the Rosario area will go smoothly as planned," he said.

PMDC, at present, manages a 123-hectare property in Rosario, Cavite. A portion of this property is being developed into an industrial estate.

The company is also finalizing a feasibility study for its PNOC-Bauan property as well as the development plan for the Rosario East and West properties.