SBS Philippines Corp. on Monday said its associate companies have acquired properties in Balintawak and Green Meadows in Quezon City.
In a statement, SBS Philippines said Smyte Philippines Holdings Corp. recently signed a deed of absolute sale to acquire a 2-hectare property adjacent to a 3-hectare property already owned by another associate of SBS.
“The Group considers such acquisition in prime landholdings for a potential joint development of the combined 5 hectare property in Balintawak area which offers strong value and a good potential to deliver an attractive total return due to its attractive size and location,” SBS said.
Another associate company Namia Holdings Corp. also acquired a more than 3,000-square meter property in Green Meadows.
“This acquisition is considered for a potential joint mixed-use development or sale in order capitalize in the growing marketability of the area,” SBS said.
The company said it continues to boost its property investments, given the growth prospects of the local market.
“In line with this, the Group has started to explore the best utilization of its Ayala Makati asset through a possible joint development for a commercial building in this prime location,” it said.
SBS said it is also entertaining offers for its Mandaluyong property.
The company’s profit declined by a third in the first quarter of 2018, following higher finance costs and its share in the losses of associates. SBS generated a net income of P18.6 million in the January to March period, P8.6 million lower than what it delivered at the same time a year ago.
On Monday, shares in SBS slipped 0.59% to P8.45 each. — V.V. Saulon
