Filinvest Land Inc., the listed property development arm of the Gotianun Group, said Monday it acquired its joint venture partners in Princeton Heights, a 44-hectare master-planned residential subdivision with commercial area set in Bacoor, Cavite for a total price of P633.3 million.
The property developer said it bought Niyog Property Holdings Inc. and Cajel Realty Corp. from Rizal Commercial Banking Corp., which counts both companies as wholly-owned subsidiaries. Niyog and Cajel are the owners of the land that form Princeton Heights.
Niyog was purchased for a total P544.4 million while Cajel was priced at P88.8 million, according to a separate statement issued by RCBC. It added the price was based on the value of the yet-to-be developed land within Princeton Heights.
RCBC said the asset disposition allows it to convert its investment into and realize gains from the transcation. It said the sale of the equity investment in the two companies in accordance with the requirement under the Bangko Sentral ng Pilipinas’ Manual of Regulations for Banks.
FLI said the purchase price will be paid in installments, with 30 percent payable upon closing of the deal and the balance within five years with interest. Closing requirements includes shareholder approval of both FLI and RCBC.
