PRIMEX Development Corp. sold two hectares of its eight-hectare property in Naic, Cavite to community mall developer Walter Mart for P200 million, the company said in a statement on Thursday.

Primex Development is a 42.86% owned unit of listed property firm Primex Corp.

“By selling a portion of the property to a branded and established mall operator, the value of the residual eight hectares of the land shall appreciate significantly,” said Primex Executive Vice-President, Corporate Secretary, and Director Karlvin Ernest L. Ang.

The whole 10-hectare property is located along Governor’s Drive in Naic. It has a frontage of 330 meters and is said to be beside AyalaLand Logistics Holdings Corp.’s 166-hectare Cavite Technopark.

Primex said the area “is projected to blossom into a center of trade and commerce south of the Metropolis.”

Some of the infrastructure projects near the property are the Cavite-Laguna Expressway, Manila-Cavite Expressway Extension, the Cavite-Tagaytay-Bataan Expressway, and the Bataan-Cavite Interlink Bridge.

Shares of Primex on Thursday went down by 0.96% or two centavos to close at P2.07 apiece. — Keren Concepcion G. Valmonte