PROPERTY developer IRC Properties Inc. expects to complete its deal with Ayala Land Inc., the country’s second-largest real-estate company, to develop a portion of its landholdings in Binangonan, Rizal, this year.
IRC said in a report it hopes that the deal with Ayala Land will jump-start the development of a mixed-use community in the eastern part of Metro Manila.
IRC said it is still in talks with Wedgemore Property, a unit of Ayala Land, to sell a portion of the land out of the more than 2,000-hectare property. It said the company may complete the deal in six months.
“The entry of Ayala Land Inc. is seen to jump-start the development of a new mixed-use community south of Metro Manila. To date, a total of 142 hectares are ready for immediate development,” the company said.
It added that the project may run for the next seven years and will be divided into three phases.
The clearing of the company’s Binangonan property became the focus of its operations for the past years in order to completely free from third-party claims, it said.