Federal Land Inc., the property arm of the Metrobank Group of taipan George S.K. Ty, has secured the approval of the Securities and Exchange Commission to increase its capitalization to P1.5 billion from only P500 million.
Documents filed at the SEC show that the company’s new capitalization consists of 15 million shares with a par value of P100 per share.
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 Ltd. and Solidshare Holdings Philippines Inc.
Federal Land is allotting P5 billion next year for the establishment of office buildings catering to the business process outsourcing (BPO) industry and new residential condominium buildings.
Among its new projects include 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 sqm.
The first tower, slated for completion in June 2008, will offer 10,000 sqm. of office space and will be registered with the Philippine Economic Zone Authority (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.
The property will be converted into a high-end mixed-use township with residential, commercial, retail, office building and hotel developments.
Federal Land is also 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 in Cavite.
Federal Land’s project portfolio includes 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.
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.