Philrealty sells 4 lots

MANILA, Philippines - Philippine Realty and Holdings Corp. (PhilRealty)  has sold four parcels of land in La Union for P202.1 million.

Two parcels of land located in Barrio Carlatan, San Fernando and another two parcels in Barrio San Juan, in La Union were sold to Humboltbay Holdings Inc., Philrealty said in a disclosure to the Philippine Stock Exchange.

Philrealty said the proceeds of the sale will boost the company’s liquidity.

The properties will be paid in 20 percent donwpayment while the remaining  80 percent is payable in 24 equal monthly installments.

The real estate developer noted that the president of Humboltbay,  Antonio Reyes-Cuerva, is the also president of Tektite Insurance Brokers Inc., a subsidiary of PhilRealty.

PhilRealty exited court receivership last year following a 12-year court-assisted rehabilitation. The company aims to return to mainstream to reclaim its old glory.

Once a high-profile  real estate company, Philrealty is primarily known for its projects in the Ortigas Center, foremost of which is the Textite Towers, which used to house the Philippine Stock Exchange (PSE).

Philrealty’s other notable projects include the Alexandra, a luxury mid-rise residential condominium in  Ortigas ;and La Isla, an exclusive high-end condominium with 28 units on a 20-storey building.

The company filed for rehabilitation with the courts after being saddled with losses since the slump of the  real estate industry in 1997.

To mark its grand comeback, PhilRealty earlier unveiled a P10 billion 10-year investment in Andrea North, an upscale residential enclave in Quezon City.