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MANILA - IRC Properties Inc. has entered into a partnership with a related land developer for the development of a portion of its property in Binangonan, Rizal.
In a disclosure to the Philippine Stock Exchange, IRC Properties said its board authorized the company to enter into a joint development agreement with Dell Equipment & Construction Corp. to turn the former's 8.72-hectare lot into a residential subdivision called Fiesta Casitas. This will form part of the Sunshine Fiesta Subdivision.
Under the deal, DECC will develop the property at its own expense and take an 88 percent share in the developed house and lot units. IRC Properties will shoulder the remaining 12 percent.
IRC Properties had engaged the services of DECC for development of a 60-hectare lot in Binangonan.
IRC Properties directors Frisco San Juan, Gil Miguel Puyat, Eduardo Ma. Santos and Alexander Asuncion also occupy the same post in DECC. Antonio Syyap, also an IRC Properties director, is a consultant of DECC, while Georgina Monson, treasurer and senior vice president of IRC Properties, is the executive vice president of DECC.
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