LFM Properties Corp. said it has bought a 918-square meter parcel of land in Salcedo Village, Makati, for P1.1 billion, excluding value-added tax.
The publicly listed company said the property, located along Valero and San Agustin Streets, was acquired from Parity Values Inc. The LFM board approved the deal on Tuesday.
The purchase price was based on an independent valuation that placed the land’s fair value at P1.1016 billion. Payment will be made over one year, with no conditions attached to the transaction. LFM said it will fund the purchase through internally generated cash and bank loans. The land currently has no improvements.
LFM said the acquisition will add to its property portfolio. Nikki
For the first nine months of the year, LFM reported net income of P13.85 million, down 67% from P42.56 million a year earlier. Gross revenues fell 14 percent to P168.43 million, mainly due to vacant units at Liberty Plaza Building, which the company said is now almost fully occupied.
Rental service costs remained flat at P74.5 million, while general and administrative expenses rose 70 perfent to P34.7 million. The increase was largely due to higher taxes and fees, including transfer taxes related to the Liberty building and documentary stamp taxes on loans.
