LISTED property developer Philippine Realty Holdings Corp. (PhilRealty) said on Wednesday its Board of Directors has approved the acquisition of several properties, including condominium units and prime real estate in Baguio city, worth a combined P384 million. In a filing with the Philippine Stock Exchange, PhilRealty said it has acquired Meridian Assurance Corp.’s properties in exchange for shares of stocks for a total value of P84.2 million. The company said its board has also approved its bid to acquire a property in Baguio City called “El Retiro.”“Bid submitted was for a price of P300,500,000.00 at P18,598.00 per square meter (sqm),” it said. PhilRealty is engaged in property development, property management, insurance brokerage, travel services, and sale and leasing of managed buildings and real estate through its various subsidiaries. Among its units are PRHC Property Managers, Inc., Tektite Insurance Brokers, Inc., Universal Travel Corporation, and Sultan Power Inc.

Source: Manila Times July 19, 2017 16:52 UTC