Thursday, January 1, 2015

IRC eyeing P500 M through private placement

Sunshine Fiesta Subdivision, IRC Properties’ low-cost housing development in Binangonan, Rizal. (Photo: IRC Properties)
IRC Properties is eyeing P500 to P600 million through a private placement. The amount will be dedicated to its projects in 2015, stated the company. New investors are said to be coming in by the first quarter of 2015. 

Of its projects for 2015, IRC has disclosed that an 18-hectare plot of land in Binangonan is slated for a new housing project.

As of its current projects, IRC President Esteban Pena Sy issued that development efforts are presently underway over four hectares in Binagonan, Rizal. The area will see to the construction of 486 housing units for the low- and middle-income sector, said Pena Sy.

Initially a company that dealt in oil exploration, IRC shifted gears to property development. To date, it has a land bank of 2,200 hectares in Binangonan.

The Binangonan territory is dedicated to IRC’s residential projects, among them two subdivisions.

Launched in mid-2011, Sunshine Fiesta Subdivision consists of 30 hectares of economic housing units, numbering 4,290 overall. 

Another subdivision, named Fiesta Casitas, is set to rise adjacent to Sunshine Fiesta. This pending development consists of 23 hectares or low-cost residential housing.

Meanwhile, IRC’s Eastridge Residences is a mid-rise condominium set within Eastridge Golf Village, a mixed residential and recreational enclave in Binangonan.

IRC holds 13,406 square meters in Eastridge Golf Village, land that it had acquired via deed of absolute sale from PrimeEast Properties Inc. in 2009. The company is “talking to our prospective partners” to develop a “high-end condo project” in the area, according to Pena Sy.

IRC also has 18 hectares of land under a deed of sale with Amaia Land, the low-cost housing arm of Ayala Land, Inc. The deed -- currently under negotiation -- should see completion in 2015, according to Pena Sy. The land is estimated to cost more than P180 million. 


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