The subsidiary owns the 31-story Stratosphere in Salcedo Village, Makati City. It also owns the upcoming Primex Tower along EDSA Connecticut St. in Greenhills.
Primex said the acquisition is expected to beef up its land bank and enhance shareholder value in view of the tremendous earning potential of the properties.
REAL ESTATE developer Primex Corp. said it now owns 98.2% of its subsidiary that built the 31-storey Stratosphere in Makati.
On Friday, it told the stock exchange that it bought an additional 10.2% of the remaining 12% in Primex Realty Corp.
Primex described the unit as enjoying a “debt-free status like the parent company.”
“The acquisition was purchased at its book value price. The accretive acquisition is expected to beef up Primex’s land bank and enhance shareholders value in view of the tremendous earning potential of the properties upon development,” it said.
PRIMEX Corp. is making a foray into mass housing development with the creation of a new subsidiary.
The listed firm told the stock exchange on Thursday the establishment of Primex Housing Development Corp. With this, Primex also subscribed to 41.958 million shares in the newly formed company at P1 per share.
Primex currently caters to the high-end residential market, selling lot-only properties in Goldendale Village in Malabon, The Richdale along Sumulong Highway in Antipolo City, and Goldendale II.
PROPERTY developer Primex Corp. said on Wednesday its Board of Directors has approved a plan to make a foray into mass housing development.
In line with this, the company said it will form a wholly-owned subsidiary to undertake mass housing operations.
“The portfolio of the group’s land bank enables us to be flexible in our endeavors,” Primex Corp. Director Karlvin Ang told The Manila Times in a text message.
Real estate firm Primex Corp. seeks to create a new revenue stream by diversifying into the mass housing business.
In a disclosure to the Philippine Stock Exchange on Wednesday, Primex said its board had approved a plan to form a wholly-owned subsidiary that may undertake mass housing projects.
PRIMEX Corp., a boutique property developer, is venturing into the serviced-apartments sector as it tries to grow its recurring income on top of leasing some of its spaces on its soon-to-be-completed projects.
Ernesto Ang, the company’s chairman and president, said the serviced apartments will be located near the exclusive schools in Greenhills, San Juan.
Listed real estate developer Primex Corp. unveiled four new projects, including a 50-story tower along Edsa in San Juan City.
Primex president Ernesto Ang said Primex Tower would rise at the corner of Edsa and Connecticut Street at a cost of P3.6 billion.
“The estimated cost of the building is P2.6 billion while the lot is almost close to P1 billion, so the total project cost for Primex Tower will be around P3.6 billion,” Ang said.
Ang said other projects in the pipeline are Vistas Terrazas, a 7-hectare project in Tagaytay City; Twin Golf Tower on Annapolis Street in Greenhills; and 30-story Lyf Residences Tower near Gilmore Street, in partnership with a foreign serviced apartment operator.
LISTED property developer Primex Corp. said on Friday it plans to build Primex Tower, a 50-story project in San Juan City worth P3.6 billion.
“About Primex Tower, we have already talked to the city of San Juan. And San Juan City is very pleased [for us]to put up that 50-story building,” Primex President Ernesto Ang told reporters following the company’s annual stockholders’ meeting held in Pasig City.
The tower will rise along EDSA corner Connecticut in San Juan City in Metro Manila and construction is expected to start within the year.
Property developer Primex Corp. is looking to take advantage of increasing demand in the office and hotel sectors to sustain its growth this year. “We are aggressively gearing up for more projects and developments where we conservatively foresee sustainable growth in the next five years,” said Primex chairman and president Ernesto Ang.
Primex Corp. ended 2016 strongly as it posted a net income of P185.1 million for the year — a 181 percent increase over the P65.9 million recorded in 2015 as the company surpassed its target to double earnings from the previous year. The company said consolidated revenues grew 165 percent year-on-year to P589.8 million in 2016 from P222.2 million a year ago. The growth was mainly due to robust sales from projects of both the parent and its subsidiary, Primex Realty Corp.
In two separate business developments, the Securities and Exchange Commission in the Philippines has approved the $299 million (P15 billion) bond offer applied by diversified conglomerateSan Miguel Corp, while property developer Primex Corp bared plans of allocating up to $2 million (P100 million) for a share buy-back program.
THE 8990 Holdings group plans to increase its stake in property firm Primex Corp. further to 10 percent to gain easy access to Primex’s land bank for an upcoming joint venture, a top 8990 official said on Wednesday.
8990 Holdings Inc. President Januario Jesus Atencio 3rd told The Manila Times his group is targeting to acquire “about 10 percent” of Primex.
In a disclosure to the Philippine Stock Exchange also on Wednesday, Primex said three investors each subscribed to 15 million shares of the company at a price of P4 per share, or a total of P180 million.
In a filing with the Philippine Stock Exchange, Primex said the Metrobank loan amounting to P300 million was fully paid three months ahead of time, while the loans with bad credit at BDO was fully settled before the end of 2016.
Property developer Primex Corp. settled about P1.8 billion in group-wide debt ahead of maturity as part of a strategy to clean up its balance sheet and brace for a higher interest rate environment.
The company’s strengthened financial position even allows the payment of dividends to shareholders this 2017 on top of acquisition and upcoming development projects, Primex chair Ernesto Ang said in a statement on Wednesday.
A modern landmark in Makati City’s central business district (CBD) is expected to rise in the form of The Stratosphere, a 31-story mixed-use building that’s intended to house commercial spaces and 328 condominium units, with about 120 of these to become part of The Sphere Serviced Residences, to be managed by Hospitality Innovators Inc. (HII).
Primex Realty Corp. has partnered with leading hotel and property management firm Hospitality Innovators Inc. (HII) to operate 120 condo units of the 31-story mixed-use The Stratosphere in Salcedo Village, Makati. Collectively, The Sphere Serviced Residences will provide added value to the entire project , banking on HII’s experience from 17 years of hospitality management. In photo signing the agreement are HII founder and CEO Luis Monserrat (third from left) and Primex Realty chairman and president Ernesto Ang (second from left), joined by (from left): Primex Realty director Karlvin Ang, HII Corporate Group director John David Cruz and The Stratosphere general manager Mitzi Gonzales.
MAJOR SHAREHOLDERS in mass housing developer 8990 Holdings, Inc. have bought into property firm Primex Corp. in a P180-million deal.
In a disclosure to the Philippine Stock Exchange on Monday, Primex announced its acceptance of a private placement from 8990 Holdings Chairman Emeritus Luis N. Yu, Chairman Mariano D. Martinez and President and Chief Executive Officer Januario Jesus Gregorio B. Atencio III.
LISTED real estate firm Primex Corp. plans to double earnings this year, as the property developer aims to beef up its capital in preparation for expansion.
In a statement on Monday, Primex said its net income ballooned to P41.17 million in the first quarter of 2016, a reversal of the P0.83-million net loss in the same period last year. Sales grew 26 times year-on-year to P69.09 million in the three-month period from P2.64 million.
LISTED real estate developer Primex Corp. expects to double its net income this year driven by strong sales as shown by the positive financial results in the first quarter.
“We expect the growth to continue and to double our net income in 2016,” Primex director Karlvin Ang said in a statement.
Publicly-listed real estate developer Primex Corp. reported that its total revenues for the year 2015 amounted to P222 million, a 1,069-percent increase from 2014’s P19 million. In his report during the company’s annual stockholders meeting held at the Marco Polo Ortigas, Primex chairman and president Ernesto Ang also said the company posted net income of P97 million for the year which is almost a 3,800-percent increase over the P2.5 million income recorded the previous year.
San Juan—(PHStocks)—Real estate developer Primex Corp. (PSE: PRMX) reported that its total revenues for the year 2015 amounted to PhP222 million, a 1,069% increase from year 2014 levels of only PhP19 million.
In his report during the company’s annual stockholders meeting held at the Marco Polo Ortigas, Primex Chairman and President Ernesto O. Ang also stated that the company posted net income of PhP97 million for the year, which is almost a 3,800% increase over the PhP2.5 million income recorded the previous year.
LEADING mass housing developer 8990 Holdings is looking to partner with publicly-listed real estate firm Primex Corp.
8990 Holdings president Januario Jesus Atencio told reporters in a recent briefing that the company was looking to explore and develop Primex’s vast, but idle landholdings.
“They’ve got a land bank that’s wonderful. Some of these properties … are ideal for mass housing,” Atencio said.
He said, however, that negotiations were still ongoing and that no deal had been signed yet. He said the company will come up with firmer plans in a month’s time.
LISTED Primex Corp. said on Monday it has borrowed P300 million in fresh funds to bankroll its real estate activities.
The five-year term loan from Metropolitan Bank & Trust Co. will be used "to fund its expansion plans in real estate development and strategic business activities which it foresees will generate benefits and values for its public shareholders and the investing public," Primex told the stock exchange.
REAL estate developer Primex Corp. has obtained a P300-million five-year term loan facility from Metropolitan Bank & Trust Co. to fuel expansion plans.
In a press statement on Monday, Primex said that since debuting on the Philippine Stock Exchange in 2001, it had never relied on bank loans to fund its development activities. Instead, the developer said it mostly provided in-house financing to homebuyers.
PROPERTY developer Primex Realty Corp. said it will open its residential development in Makati City by the end of the year.
The company announced last week it recently had its topping off ceremony for its Stratosphere project, a 31-storey residential condominium along Valero Street in Salcedo Village, Makati.
MANILA, Philippines - Mid-sized property developer Primex Realty Corp. is planning to beef up its business this year as it scouts for possible acquisitions and joint venture deals.
The company, with its mission to develop world-class residential and commercial projects targeting the high-end and middle-class markets, said it seeks to strengthen its position as one of the top mid-sized real estate developers in the country.
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