LISTED property developer Haus Talk, Inc. has canceled its projects and land acquisitions in Calasiao, Pangasinan and Sta. Rosa, Laguna to refocus funds to its project in Biñan, Laguna, its chairman said.
In a disclosure to the Philippine Stock Exchange, the company quoted its chairman, Terence Restituto D. Madlambayan, as saying that “the corporation decided to refocus its resources and cancel the projects in Calasiao, Pangasinan and Sta. Rosa, Laguna, and recognized the potential of the Biñan project.”
Mr. Madlambayan comments were culled from his response to questions asked during Haus Talk’s annual stockholders’ meeting on Oct. 19.
Slated to be launched by November this year, the Biñan project will have 1,400 units in a 12-hectare development. A company official previously told BusinessWorld that it was expecting P3.8 billion in revenues from the mixed-use project development.
The project is said to be classified under the government’s economic housing program, which has a price ceiling of P2.5 million for the basic unit.
Meanwhile, the company said that despite the cancelation of its projects in Calasiao and Sta. Rosa, it will still continue its two prime projects in Bacoor and Mariveles.
“In the pipeline are the Bacoor and Mariveles projects which are expected to be launched in the next few years,” Mr. Madlambayan said.
The project in Mariveles, Bataan is expected to increase the company’s housing units by 2,200.
Haus Talk’s chairman was also asked about efforts to return to its initial public offering (IPO) price of P1.5 a share in January, to which he said that the company’s fundamentals “are good, and it has been performing relatively well.”
The company also said that it was confident that its new projects in Biñan and Mariveles “will contribute to the increase in the market price of the [Haus Talk] shares.”
In a separate disclosure, the company said that it will be using proceeds from its IPO, which were previously allotted to acquire the Calasiao and Sta. Rosa properties, for the acquisition of the Biñan property.
It added that it will post the disbursement of the funds 30 days from the disclosure’s posting on Oct. 17.
On the stock market on Thursday, shares in Haus Talk closed unchanged at 85 centavos apiece. — Justine Irish D. Tabile