Property developer Haus Talk Inc. (HTI) said Friday it acquired a 37-hectare property in Angono and Teresa, Rizal for P1 billion.
HTI said in a disclosure to the stock exchange its board approved the acquisition of the property from Liberty Flour Mills Inc. (LFM) to enable it to expand its land bank for future development.
“This transaction expands HTI’s land portfolio and reinforces its vision of becoming the most valued and recognized property developer that provides ‘value for money’ residential real estate projects by investing in prime land locations,” the company said.
The project would become HTI’s first mixed-use development project in Rizal and was expected to bring in revenues of about P9 billion.
Land development for the area is expected to commence by the fourth quarter of 2025.
The property includes eight contiguous parcels of land with a total area of 372,201 square meters. LFM has not been using the property for its business operations.
HTI said it would fund the acquisi-tion from internally-generated fundsand bank loans on an about 30-70 percent split.
It will pay an earnest money of P10 million upon signing of the memorandum of agreement and five installment payments in a span of two years.
The company obtained letters of credit from Security Bank Corp., China Banking Corp. and other banks amounting to P758.2 million to guarantee the payment of the purchase price.
HTI broke ground on two new residential projects in April that lie close to each other in Antipolo City, Rizal, which would generate P800 million in proceeds.
HTI, owned by the Madlambayan family, was listed in the Philippine Stock Exchange in April 2022. It primarily develops horizontal and vertical residential projects in select cities of Metro Manila as well as in Rizal and Laguna provinces.
Be the first to comment