Metrobank president Arthur Ty said while the property company is bent on tapping the equities market; this scheme may take some time considering the long and tedious process of undertaking an initial public offering (IPO).
First Metro Investment Corp. (FMIC) president Francisco Sebastian said Federal Land is eyeing an IPO either next year or in 2008. FMIC is the investment banking arm of the Metrobank Group.
Among Federal Land’s projects include Bayview International Towers and Ocean Tower along Roxas Boulevard; Valencia Hills in San Juan and Quezon City; Oriental Gardens and Skyland Plaza in Makati City.
Federal Land also developed the PSBank Tower and the GT Tower International at the Makati central business district, as well as ongoing property development in the Metropolitan Park along the Manila Bay waterfront.
The company has set aside P5 billion for its capital expenditures in 2007, significantly higher than this year’s P3-billion budget.
The programmed capital budget will be used to partly fund its Fort Bonifacio project, Manila Bay Gardens (a residential condominium located along Roxas Boulevard fronting the Manila Bay), and the continued development of Marquinton or Marikina Town Center, a P5-billion master-planned community in Marikina.
Federal Land also intends to pursue mixed-use commercial and residential projects in Multinational Village, Parañaque City (affordable duplexes and single-detached homes), and in Binan, Laguna (a subdivision and master-planned community).
It also plans to transform its 10.4-hectare property within the Bonifacio Global City in Taguig into a high-end mixed-use township with residential, commercial and retail developments.