DEVELOPER Philippine Realty and Holdings Corp. (PhilRealty) expects its luxury high-rise project, the Andrea North Skyline Tower, will be completed by end- 2009. The company has set aside P1 billion to finish the construction of development, which was 50-percent complete when the project was suspended in 1999.

Andrea Skyline Tower is the first building in the multibillion-peso Andrea North Complex in New Manila, Quezon City, which will consist of several high-rise luxury condominiums.

“We hope to resume construction by the end of next month,” Amador Bacani, PhilRealty president, told reporters during the company’s stockholders’ meeting on Friday.  The company is also the builder of the Philippine Stock Exchange Center in Pasig.

The completion of the 32-story Andrea Skyline Tower is a requirement for PhilRealty to exit corporate rehabilitation filed with the Quezon City Regional Trial Court in late 2002. The petition was approved in 2003.

According to a statement by the company, part of the P1-billion budget will come from the sale of the remaining unsold units with a current selling price of P1.28 billion, as well as from proceeds of a joint venture with Xcell Property Ventures Inc. on landbank inside the Bonifacio Global City. Bacani noted that sale of the remaining units in Andrea Skyline will resume “about three to six months” after the company resumes construction.

Bacani further added that the remaining debt to bank creditors, which amounted to P530 million at the start of 2008, is close to being settled.

Apart from the Andrea North Complex, PhilRealty’s current projects include the Icon Residences and Icon Plaza in Bonifacio Global City; Ivy League Square in Malate; and Tagaytay Parklands in Tagaytay City.

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