September 21, 2024 | 12:00am
MANILA, Philippines — Property developer Haus Talk Inc. (HTI) is acquiring a P1-billion property in Rizal for its first mixed-use development project.
As the company continues to expand its presence in prime locations, HTI said it executed a memorandum of agreement with Liberty Flour Mills Inc. for the acquisition of the latter’s 37-hectare property in Angono and Teresa in Rizal.
The property covers eight contiguous parcels of land with a total area of 372,201 square meters.
“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 company said the project is expected to bring in revenues of about P9 billion.
HTI targets to start land development for the area by the fourth quarter of 2025.
According to HTI, the property was previously used as a pig farm and currently classified as agricultural.
The company will apply for the reclassification of the property to residential use or for non-agricultural use before the pertinent local government units and the Department of Agrarian Reform through its provincial or regional offices.
HTI said it would fund the acquisition of the property from internally generated funds and bank loans.
It said the amount was agreed upon after negotiation between the parties taking into consideration an independent property valuation conducted by the seller.
HTI earlier this year broke ground on two projects – The Hammond and Ellery Homes – in Antipolo as part of efforts to address the region’s affordable housing needs.
The company expects to generate P840 million in revenues from the two new projects, which includes its foray into condominium development.
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