Federal Land hikes capital to P1.5B

Federal Land Inc., the property arm of the Metrobank Group of taipan George S.K. Ty, is raising its capitalization to P1.5 billion from only P500 million. Based on documents filed with the Securities and Exchange Commission (SEC), Federal Land’s new capitalization will consist of 15 million shares with a par value of P100 per share compared with the existing capital of five million shares.

Out of the increase in capital stock, P1 billion has been subscribed and P500 million paid in cash by existing shareholders – Ausan Resources Corp., Grande Estate Property Corp., “Inter-Par Resources Corp., Glam Holdings Corp., Horizon Royale Holdings Inc., Paravisions Limited, Solidshare Holdings Philippines Inc., among others.

Federal Land is setting aside P5 billion next year for the establishment of top of the line office buildings catering to the business process outsourcing industry and more residential condominium buildings.

The programed capital budget for next year is higher than the P3 billion-P4 billion alloted this year as the company starts work on new projects and new phases of existing developments.

Federal Land is putting up a three- tower office building on a 1.5-hectare property within the Metropolitan Park in Pasay City, estimated to cost around P2 billion. Each tower will have a gross floor area of 65,000 square meters and a leasable area of 55,000 square meters.

The first tower, slated for completion in June 2008, will offer 10,000 square meters of office space and will be registered with the PEZA.

The company is also considering putting up BPO buildings within the Marquinton Residences in Marikina and Fort Bonifacio in Taguig. Federal Land is set to complete the masterplan for a 25 hectare property in the northern portion of the Bonifacio Global City by the end of the year. Of the total, 10.4 hectares belong to Fedland.

The property will be converted into a high-end mixed-use township with residential, commercial, retail, office building and hotel developments.

Aside from this, Fedland is developing a P4-billion, three tower complex within the Bay Garden community in Pasay City which will include residential units, full-serviced apartments, and an athletics club.

The company is also set to embark on its first horizontal development project which would be in Cavite.

Fedland’s project portfolio includes Bayview International Towers and Ocean Tower along Roxas Boulevard; Valencia Hills in the heart of San Juan and Quezon City; Oriental Gardens and Skyland Plaza in Makati City.

The company also developed the PSBank Tower and the GT Tower International along the Makati Central Business District, as well as ongoing property development in the Metropolitan Park along the Manila Bay waterfront.