Filinvest Land Inc. (FLI), a member of the Gotianun Group, is buying two real estate subsidiaries of Rizal Commercial Banking Corporation (RCBC), which own land in Bacoor, Cavite for a total of P633 million.
In a disclosure to the Philippine Stock Exchange, FLI said it has signed two share purchase agreements with RCBC which owns 100 percent of the outstanding capital stock of Niyog Property Holdings, Inc. and Cajel Realty Corporation.
With direct ownership of Niyog and Cajel, which own several properties in Bacoor, Cavite, this transaction will increase FLI’s real estate developments in the area.
Niyog and Cajel are wholly-owned subsidiaries of RCBC and have joint development agreements with FLI, wherein FLI undertook the development of their parcels of land in Bacoor into an exclusive residential subdivision.
Total consideration for the purchase of the Niyog shares is P544.44 million while the price for Cajel shares amounts to P88.82 million, both of which shall be paid in installments.
FLI said 30 percent of the Purchase Price is payable upon closing while the balance net of retention shall be payable in five years within interest rate equivalent to 5-year BVAL rate.
The valuation for both Niyog and Cajel was agreed upon taking into account the value of their respective assets.
Recently, Futura by Filinvest, the smart-value brand of FLI introduced condominium living to General Santos City with Futura Bay, the city’s first-ever master-planned condo community.
“With spacious unit and generous open spaces, Futura Bay allows your family to experience modern and convenient lifestyle in a progressive locale, right at the heart of the city,” said FLI First Vice President, Mid-Rise Buildings Brand and Product Head Aven Valderrama.
Upon completion, Futura Bay will feature three master-planned mid-rise residential buildings with nine storeys each.
Units offered include: studio (22 square meters), one-bedroom (28 sqm), and two-bedroom (32 sqm) units.
Complementing the development are Futura Bay’s modern and complete amenities, including a swimming pool, clubhouse, playground, a pet zone for fur parents, as well as security amenities that include a perimeter fence, CCTV, and 24/7 security.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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