Primex takes over Stratosphere builder

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 Realty owns the 31-storey Stratosphere in Salcedo Village, Makati City as well as two prime properties in the Greenhills area, including the site of the upcoming Primex Tower along EDSA Connecticut Street in Greenhills, the parent firm said.

The parent company’s completed projects include two high-end residential projects, namely: Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City.

It has also completed the development of Goldendale II and Tresor Residences, which are also in Malabon City.

On Friday, shares in Primex fell 1.04% to close at P6.64 each.