Foreign-backed investors eye IRC lot in Rizal

MANILA, Philippines - Publicly-listed IRC Properties said a foreign-backed investor group has signified interest to acquire one of its lots in Binangonan, Rizal.

In a disclosure to the Philippine Stock Exchange (PSE), Interport said the purchase of the 22-hectare land will provide  IRC with  fresh funds to continue building road/bridge infrastructures within its vast property.

Plans for the property include a residential development to complement a planned garden community (residential cum retail promenade with upscale shops and restaurants).

 â€œThe move is an integral part of the company’s thrust towards township development.  Moreover, it is in line with the renewed interest of various local and foreign conglomerates in the area just east of Metro Manila,” Interport said.

Last year, the company inked an agreement with Dell Equipment and Construction Corp. to jointly develop a residential subdivision in Binangonan, Rizal.    

The proposed project, dubbed Fiesta Casitas, sits on a 872-hectare property owned by Interport.

The project will form part of Sunshine Fiesta, the company’s socialized housing project involving some 4,290 units.

Ayala Land was earlier rumored to have set its sights on the IRC’s property in line with its strategy to build townships similar to its flagship project, Nuvali in Canlubang, Laguna.

IRC incurred a net loss of P2.2 million in the first quarter and accumulated losses amounting to P88 million as of March this year.

The company’s main objective is to ensure it has adequate working capital moving forward to pursue its major land development and housing projects.