Philrealty okays P236-M deal with Meadowmere (http://www.philstar.com/Article.aspx?ArticleId=427643&publicationSubCategoryId=66)
By Zinnia B. Dela Peña Philstar.com (http://www.philstar.com/Article.aspx?ArticleId=427643&publicationSubCategoryId=66)
December 29, 2008 12:00 AM

Philippine Realty & Holdings Corp. (Philrealty) has reached an agreement with creditor Meadowmere Resources Corp. for the full settlement of loan obligations amounting to P236.09 million by way of conversion into equity.

In a disclosure to the Philippine Stock Exchange, Philrealty president Amador Bacani said the company will issue 236.09 million common unsubscribed shares to be taken out of its authorized capital.

Meadowmere acquired the debts from Metropolitan Bank & Trust Co.

Earlier this month, Philrealty secured the rehabilitation court’s approval of its dacion en pago agreement with Bank of the Philippine Islands to settle P168.53 million worth of loans.

Philrealty is swapping some of its office condominium units at the PSE Centre in Ortigas and a property in Lucena City in exchange for the settlement of its debt to BPI.

The listed property developer is hoping to bring down its debt to less than P100 million by the end of the year through payment-in-kind scheme.

From P829.5 million in 2006,Philrealty has managed to bring down its debt to just P532 million at the end of 2007, using cash generated from the sale of a lot in

Fort Bonifacio and proceeds of a joint venture of another lot in the former military complex dubbed Icon Residences, a twin 34-story luxury residential condominium building.

The Icon Residences is now more than 90-percent sold and is slated for completion by the end of 2009. It is in partnership with Xcell Property Ventures Inc.

With cash of more than P300 million, Philrealty is preparing for the resumption of construction of the Andrea North Skyline Tower with completion targeted by the end of 2009.

The three-tower Andea Skyline is located at a 2.8-hectare property in New Manila, Quezon City which was formerly the site of the Pepsi-Cola plant.

It will be similar to its upscale Alexandra residential condominium complex in Ortigas.

The first tower of Andrea North is estimated to cost over P900 million which will be funded by proceeds of the sale of remaining 105 unsold units with a current selling total selling price of P1.28 billion.

Philrealty is confident it can finally complete the Andrea Skyline project with the additional cash to be received from its joint venture with Xcell.

The company’s strategy is to enter into joint ventures whereby it will merely contribute the land and other pre-development expenditures while the partner will shoulder the cost of construction of the building.

Other projects in the pipeline include a boutique residential subidivision or a warehouse park in San Fernando, La Union; a condominium resort in San Juan, La Union; and a retail strip in Lucena City, Quezon.

"...at the end of 2009" sige lets see, kawawa naman yung mga buyers nito dahil sa delay.

From PhilRealty website:

http://www.philrlty.com/Site/Current_Projects.html

Andrea North Project

A cluster of luxury high-rise residential condominiums located at the two-hectare former Pepsi Cola plant at the corner of Balete Drive and N. Domingo St. in New Manila, Quezon City.

http://www.philrlty.com/Site/Current_Projects_files/shapeimage_3.png

Skyline Tower, the first building in the complex initially featured only large two-and three-bedroom units. Subsequently, it will include smaller units to meet the growing demand for more compact spaces. Completion is expected by the end of 2009.

Phase II consists of four towers with smaller units. A retail component will be included to cater mainly to the needs of Andrea North residents. This phase will be launched by the end of 2009.

looks nice!!!

used to pass by this area.. may tarpaulins pero iba yung developer... its vista land.

^^
May bibili pa kaya dito with all the delay ?? I'll be rather hesitant if I were a buyer, especially if the funding hinges on the sale of the remaining 105 units. Ibig ba sabihin kapag hindi mabenta ang remaining 105 units, di na naman matutuloy itong project ?? It's what the article above seems to suggest.

how does the halted project look like now?

The same way as it did ages ago.

Parang may nakita ako na mga workers there when I was using the LRT 2. Hopefully, marevive na nila ulit.

Parang may nakita ako na mga workers there when I was using the LRT 2. Hopefully, marevive na nila ulit.

That's good news...I hope you can take pictures.

madami nang workers sa site., :)
padami ng padami each day. :) mejo evident na din ang mga activities nila although hindi pa nila ginagalaw yung mismong building. nag pprep palang. :)
buti naman.

madami nang workers sa site., :)
padami ng padami each day. :) mejo evident na din ang mga activities nila although hindi pa nila ginagalaw yung mismong building. nag pprep palang. :)
buti naman.

good news...another South gate tower in the making...resurrected!

^^ jaka tower nalang kulang., hahaha., :)

yup,... may activity na doon sa site...lighted na siya even at midnight...

^^ I'll confirm that. Saw the construction peeps and equipment on the site.

So this will be right beside The Magnolia Residences of Robinsons Land.

meron na ding crane! :) OMG. sa wakas. mabubuhay na ito! :)

looks like that part of the metro is the new in-place ah. lots of projects in the pipeline. :)

There is already a billboard on site...design consultant is Arquitectonica and landscape design by IP Santos... Hope tuloy-tuloy na ito. They could improve on the perspective though.

Looks nice looks nice. :)

There is already a billboard on site...design consultant is Arquitectonica and landscape design by IP Santos... Developer is Federal Land.

Hope tuloy-tuloy na ito. They could improve on the perspective though.

federal land? pano nangyari yun?

The developer is Philrealty di ba?

^^ need to correct that... developer is federal builders. design credited to arch villarosa

Isn't this Philrealty?

Look at the first post. It is Philrealty. This is a revived project by Philrealty. They weren't able to finish it before. Now that they were able to get their proceeds from Icon in Fort can they do this project.

So Im pretty sure that this is a project of Philrealty ( of the Ortigas clan).

photos taken today. got mixed up with the details... federal is the gen con.. not the developer. the roof seems to similar with the first towers of manhattan garden city.

http://i281.photobucket.com/albums/kk203/jenifer_semilla/DSC00009.jpg

http://i281.photobucket.com/albums/kk203/jenifer_semilla/DSC00010.jpg

^^ wow, thanks for posting.

question, those who bought into this long ago will still hold their unit at the same price?

Any updates here?

PhilRealty sets exit from corporate rehab in mid-2010 (http://www.businessmirror.com.ph/home/companies/17536-philrealty-sets-exit-from-corporate-rehab-in-mid-2010.html)
Business Mirror (http://www.businessmirror.com.ph/home/companies/17536-philrealty-sets-exit-from-corporate-rehab-in-mid-2010.html)
Written by Miguel R. Camus / Reporter
Tuesday, 20 October 2009 21:05

Listed property developer Philippine Realty Holdings Inc. (PhilRealty) is further paring down debts while ramping up selling activities for its high end New Manila condominium cluster as it prepares to exit corporate rehabilitation by the middle of next year, said a top company official.

The completion of the 32-story Andrea Skyline Tower, the first phase of the cluster is the last major requirement before PhilRealty can exit corporate rehabilitation.

PhilRealty president Amador Bacani said Skyline Tower is already 80 percent complete and will be turned over to clients by mid-2010.

He added that the tower, which will offer a total of 340 units, is already 40-percent sold. The remaining units, valued at between P1.3 billion to P1.4 billion , will likely be sold by next year, he said.

For now, the initial selling price is pegged at P55,000 to P60,000 per square meter for units ranging from 45 square meters to the larger cuts at over 200 square meters.

Skyline Tower will be the first component of a five condominium project part of the Andrea North Complex located in a two hectare property in New Manila, Quezon City.

Bacani said the firm wants to build one tower per year as it eyes to complete the entire complex -which will offer a total of 1,600 units- in the next four years.

PhilRealty is also working to reduce its debt to creditors to P60 million by the end of 2009, which amounted to P338 million at the start of the year.

PhilRealty had earlier closed a debt to equity deal with creditor Meadowmere Resources Corp. resulted in Meadowmere owning 5 percent in the real-estate firm.

More than half of the firm’s debt, which amounted to P2.2 billion in 2003, has been negotiated under a dacion en pago agreement, meaning the firm used its property assets to pay off loans.

Apart from completing Skyline Tower, Philrealty’s rehabilitation plan involves settling and restructuring the remainder of its debts to creditor banks and paying off financial obligations to other third parties such as utility company, suppliers and contractors for the completion of Skyline Tower among others.

In the January to June period, Philippine Realty said consolidated profits jumped 274 percent to P29.51 million from the same period last year. This was mainly attributed the sale of shares in real-estate firm A Brown Co. Inc. worth P69 million. Rental income dropped almost 4 percent to P14 million in the first half.

Philippine Realty filed for corporate rehabilitation with Quezon City Regional Trial Court in late 2002 due to the effects of the 1997 Asian Financial Crisis. The petition was approved the following year.

Some Updates of Construction:


http://img267.imageshack.us/img267/3909/10262009.jpg

http://img215.imageshack.us/img215/565/10262009002.jpg

http://img337.imageshack.us/img337/5259/10262009003.jpg

http://img215.imageshack.us/img215/5555/10262009004.jpg

http://img267.imageshack.us/img267/5751/10262009007.jpg

http://img337.imageshack.us/img337/2122/10262009010.jpg

http://img215.imageshack.us/img215/1772/10262009011.jpg

http://img337.imageshack.us/img337/509/10262009012.jpg

http://img141.imageshack.us/img141/3522/10262009013.jpg

^^ Great set. are they using ficem to clad?

Philrealty re-emerges, launches P2-billion condominium project (http://www.philstar.com/Article.aspx?articleId=531256&publicationSubCategoryId=66)
By Zinnia B. Dela Peña (The Philippine Star (http://www.philstar.com/Article.aspx?articleId=531256&publicationSubCategoryId=66)) Updated December 11, 2009 12:00 AM

MANILA, Philippines - After being on hiatus for about 10 years, Philippine Realty & Holdings Inc. is back in the property business with the relaunch of its P2 billion high-end residential project, Andrea North Skyline Tower, today.

The project is the first component of the planned five luxury tower condominium cluster located at the corner of Balete Drive and N. Domingo St. in New Manila, Quezon City.

“We are excited to be back in the Philippine property market.

The relaunch of The Andrea Skyline, despite the challenging times, is a testament to our confidence in the Philippine economy and a commitment to the Filipino home buyer”, said Philrealty chairman Gerardo Lanuza.

The 32-story Andrea Skyline Tower will house 340 units, consisting of one-, two-, three-, and four-bedroom units with sizes ranging from 45 to 220 square meters. Unit prices are in the range of P3 million to P12 million each. To rise on the former site of the Pepsi Cola plant, the project is slated for completion by the middle of 2010.

Among the project’s amenities include a jacuzzi, open garden and large two-level function rooms as well as a clubhouse and swimming pool located at the ground level of the two-hectare property.

“The Andrea Skyline is an ideal home for families that are either starting or growing in size and incomes. Apart from the larger-than-average area size of the units, The Andrea Skyline is strategically located with an ideal proximity to top-notch schools,” said Amador Bacani, president of Philrealty.

Once a high-profile real estate company, Philrealty is primarily known for its projects in the Ortigas Center, foremost of which is the Tektite Towers – the headquarters of the Philippine Stock Exchange (PSE).

Philrealty’s other projects include the Alexandra, a luxury mid-rise residential condominium in Ortigas, and La Isla, an exclusive high-end condominium with 28 units on a 20-story building.

Owing to tight liquidity problems as a result of the slump in the real estate industry since 1997, Philrealty filed for suspension of debt payments and rehabilitation with a local court to prevent creditors from instituting foreclosure proceedings.

Philrealty is hoping to cut its debt to just P60 million by yearend through dacion en pago or payment-in-kind scheme. The move is expected to expedite the company’s exit from rehabilitation.

From P829.5 million in 2006, Philrealty has managed to bring down its debt to just P532 million at the end of 2007, using cash generated from the sale of a lot in Fort Bonifacio and proceeds of a joint venture of another lot in the former military complex dubbed Icon Residences, a two 34-storey luxury residential condominium building.

The Icon Residences is now more than 90 percent sold with the first tower slated for completion in December 2009 and Tower 2 by the second quarter of 2010. This project is in partnership with Xcell Property Ventures Inc., led by shareholders of the old International Exchange Bank
.

A fresh start awaits (http://www.philstar.com/Article.aspx?articleId=535490&publicationSubCategoryId=76)
(The Philippine Star (http://www.philstar.com/Article.aspx?articleId=535490&publicationSubCategoryId=76)) Updated December 25, 2009 12:00 AM


MANILA, Philippines - Everyone deserves a fresh start. Parents deserve to find a home
where they can safely put their children to sleep. Newly weds should begin their first day of forever in a place brimming with promise. A bachelor has earned his right to have a lifestyle he has always dreamed about. A fresh start truly means that you have the opportunity to get more out of life.

At Andrea North Towers in New Manila, only the best things are given in a location that is considered the best. Located at the heart of New Manila, this project has deep roots in the history of providing homes to those who can afford a respectable lifestyle. Since the 1950s, most of the affluent families have settled in this area and have developed a community of exclusivity and class. Its close proximity to commercial areas such as Ortigas, Cubao, and Greenhills has been its major selling point. New Manila is also home to first-rate hospitals and exclusive schools.

Philippine Realty & Holdings Corporation (PRHC), the owner and developer of Andrea North, is now inviting interested home buyers and investors to view the Andrea North Skyline Tower. This 32-storey condominium building was inspired by PRHC’s past pioneering effort in conceptualizing The Alexandra Condominium—one of the first gated residential condominium complex in the country.

An Andrea North resident can be sure to enjoy the beauty of condo-living, without sacrificing any adjustment to space limitations. The units offered in Andrea North Skyline range from a one to a four bedroom type. Each home is guaranteed to be more spacious than most of the residential condominiums being offered in the market.

The expected turn over of the property will be in mid 2010. For inquiries, go to http://philrealtycorp.com/.

Ad today in the newspaper: Andrea North Towers: Turnover Mid 2010 :)

I'm very happy to see works resumed for this tower. It has been halted ever since I set foot in Metro Manila back in 1997. Everytime someone passes by the area, he would wonder what went wrong with the developer. Now it's turning out quite nicely from the outside. A relieving sight for LRT commuters. :)

I'm very happy to see works resumed for this tower. It has been halted ever since I set foot in Metro Manila back in 1997. Everytime someone passes by the area, he would wonder what went wrong with the developer. Now it's turning out quite nicely from the outside. A relieving sight for LRT commuters. :)

this shows that the Philippine property market had truly emerged strong now..
aside from derailed projects now being pursued, more and more projects is mushrooming anywhere in Metro Manila.:)

that's right. now the government has to keep up by improving our highways, railways, etc. for one, i prefer outside metropolis developments to somehow shift population concentration from metro manila. but revival of these projects is a welcome relief for us - expectators. BSA towers is also allegedly being revived plus the supposedly Westmont in Ayala, Makati. :)

Maganda itong project na ito. Kala ko noong una simple lang pero pag nakumpleto ito maganda.

Totoo naantala yung construction kasi 1997 pa na-submit ng office yung working drawings. Pero ngayon mukhang in full swing na sya. Paint job is ongoing for the exterior pati na yung roof and glass installations.

Ang alam ko nasa bidding stage na for interior works. We've just finished the design for the main lobby and typical lobby per floor. Finishes are in wood and granite.

Bale ngayon mga spot details na lang dinedesign (like counter, elevator, etc.).

Features include clubhouse at ground level; roof gardens and pavilions at higher floors. Dagdag mo pa landscape by National Artist IP Santos.

For the perspective, ganyan na lang muna sya kasi may provision pa for future buildings. Ginawa lang yung perspective para may mai-display muna pansamantala hehehe.

Medyo OT: as for the BSA Twin Towers, tuloy na din revival nya. Tapos na yung revisions namin sa drawings para sa ibang floors. Dinagdagan kasi ng Gym, Driver's Lounge, and some other revisions. Dapat sana gagamitin pa yung roof deck area for office pero di na rin natuloy kasi maliit na masyado space.

To Mods: Eto po yung info about the building, paki-update na lang po yung title.

Thank You.

Project: Andrea North Skyline Tower (Phase 1)
Residential Condominium
31 storeys with 3 basements

Location: Aurora Blvd., Balete Dr. and N. Domingo St., QC
Status: Under construction
Developer: Philrealty Corp.
Architectural Consultant: Arquitectonica - Miami, Florida, USA

Project: Andrea North Radiance Court and Radiance Garden Towers (Phase 2)
Residential Condominium
Two 35 Storey Towers with 3 Basements
Two 19 Storey Towers with 3 Basements

Location: Aurora Blvd., Balete Dr. and N. Domingo St., QC
Status: Schematic Design
Architectural Consultant: Arquitectonica - Miami, Florida, USA

Thanks for the info Mastermind! at first i thought it was 32 storeys.

http://photos-p.friendster.com/photos/36/74/19014763/2_816263616l.jpg




http://photos-p.friendster.com/photos/36/74/19014763/2_558739940l.jpg
05April2010

http://farm5.static.flickr.com/4036/4526980616_7bd19dc4d5_o.jpg

http://farm5.static.flickr.com/4017/4526350245_3e7a5cacb6_o.jpg

12April2010

Located po ang Andrea North Towers sa mataas na lugar, which means na if ever bumagyo ulit like Ondoy, sure tayo na hindi tayo aabutin. And kung alam nyo po yung height ng LRT, kapantay lang po yun ng lobby ng Andrea. Imagine kung gano kataas yung lugar? so, sure talaga na safe sya with the perfect view of Makati Skyline, Ortigas, etc. etc.

With regards naman sa accessibility, which we know importante sa daily living ng bawat isa, especially to our children, malapit po tayo sa mga hospitals like St. Lukes, Cardinal, schools like St. Paul, Montessori, Poveda, churches, malls like Greenhills.

Napakadami pang magagandang fact bout Andrea, so if you're interested pa po to know more, I'm very much willing po to have a personal presentation. By the way, I'm Karen Aguila. Sales Agent po ako sa Andrea under Cathy Piczon's group. Juast contact me po. 09167474564/ 09102939523

Thanks!! Good day!

As Skyline Tower units fly, Philrealty set to exit rehab

By Doris Dumlao
Philippine Daily Inquirer
First Posted 21:34:00 08/10/2010

PROPERTY DEVELOPER Philippine Realty and Holdings Corp. is preparing to exit a court-assisted rehabilitation program with the completion of a 32-tower upscale residential building in New Manila.

Philrealty announced that it had started to turn over units of Andrea North Skyline Tower—a cluster of luxury residential units.

The project is located on the former Pepsi Cola plant at the corner of Balete Drive and N. Domingo Street in New Manila, Quezon City.

The two-hectare Andrea North Skyline Tower is the second major component of Philrealty’s court-rehabilitation program.

Given an upbeat property market, Philrealty president Amador Bacani said the company would soon launch phase 2 of Andrea North and another project, Ivy League Square in Malate.

“In preparation for heightened real estate development work, our company strengthened its capital base with a call on outstanding subscriptions in the first quarter, which netted more than P400 million,” Bacani said in a report.

“This infusion, together with sales from the Skyline Tower and proceeds from the Icon Plaza joint venture, will provide us the buffer from risks inherent in our business.”

Skyline Tower comes with relatively larger units compared to other upscale developments. The units range from 45 to 206 square meters in size and may contain up to four bedrooms.

Several families whose houses are situated in New Manila have opted to buy units at Andrea and live there, preferring to rent or sell their houses to cut down on maintenance costs, Philrealty said in a statement.

The Andrea development devotes 70 percent of its land area to greenery and open space.

It boasts of an ultra-modern roofdeck with a two-story gallery made of glass that provides a panoramic view of the metropolis, the only residential development in the country with such a facility.

The roofdeck quadrants, which host a pavilion and private function rooms, are fully landscaped to simulate a tropical forest in the sky.
http://business.inquirer.net/money/topstories/view/20100810-286046/As-Skyline-Tower-units-fly-Philrealty-set-to-exit-rehab

Invest a Condo Unit
for as low as 2.2m
13k a month

Located in the heart of Quezon City
#79 Panay ave. corner Timog ave. Quezon City
Near ABS-CBN and GMA network

Where all u need is in the reached
*Robinson Supermarket
*Starbucks
*Mang Inasal
*Mister Donut
*Fruit magic

For viewing our model units
Contact:
Ms. Lorgie Diaz
0939-367-59-32
0927-803-34-29
lorgie_andeza@yahoo.com

just new to this forum and i find it a very helpful place to get info. just made a reservation to a unit at andrea north late last year and just wanted to know if there are other andrea north buyers out there. wanted to ask if there are plans to have a connection between andrea and the new robinsons mall being built. that would be a great passageway so that we do not have to go around just to get to the mall...

sa may balete drive pala eto..may whitelady,kapre at marami pang moooo...im scared..nakatakot..di ako bibili dito. he..he...baka makita ko anak ni janice..

it's at the end of Balete drive, corner N.Domingo. I dunno kung doon yung may moo moo daw, hindi yata. But the place can get awfully scary at night though.

next episode ng misteryo sa construction site ang scene...may pugot na ulo ng construction worker..he..he...

hahaha...nothing to worry about. with all the developments in the area, it won't look scary anymore :) a lot of the big lots of the old rich in new manila have been sold already and been reconstructed into small pockets of townhouses and with the magnolia town center about to open in 2012, the area would be getting its fair share of busy-ness...

Ha..ganun ba...sorry nag baback to the future ako 80's pa pala yang mga momoo sa balete drive nalimutan ko na nga yung sino yung white lady sa movies .. cge esep esep muna ako i will consider your opinion. Good Luck one day pasyal ako dyan in the middle of the night mag ghost hunting para masure ko tlaga wlang ghost.thank you ah..

This area is getting a lot of "positive vibes" and it is enough to shoo away the moo moos and white lady in the area. One is the construction of a Robinsons Mall nearby. Instead of going to Cubao which is a bit congested during rush hours, you can visit this one once it is completed to do you shopping or spend leisure time. It will also help brighten the area at night and will surely blind the moo moos to death with this one.

updates pala dito parang ang raming cranes na nakapalibot dito!!!!?

Thread should be renamed to simply "Andrea North" to cover the whole complex which will still have additional towers to be launched aside from the Skyline Tower so that would be no need to create another thread for the other towers.

diba original four towers ito ilan na ba ung u\c???

siya palang, hirap daw ibenta kahit mababa ang presyo, may libre kasing multo at babae na sexy sa balete drive,hehehehe,seriously, not a good location, lalo nat ang aurora blvd ay patay na sa establishments

^^ Have you considered the fact that this is located next door to a Robinsons Mall? This ain't a bad location as you are trying to paint it.

And that "Babae sa Balete Drive" thing, it's so 90's! :lol: 2012 na teh!

60's pa nga yan eh, katulad rin nung sa acqua na map na ginawa mo, malayo rin sa main entrance ng robinson

latest ano na updates sa ibang towers?????

Something's being constructed at the corner of balete and n domingo although it looks nothing like a high rise. Baka showroom?

baka T2, alam mo na, yung T2 na palabas ni maricel soriano,hehehehe

hahaha natawa ako dito.

ito sila oh.........................

http://2.bp.blogspot.com/__3XsIhSZEJg/TOK2Y_JdSNI/AAAAAAAADsA/L4QZMj_IUIg/s640/T2+TENEMENT+2+WATCH+PINOY+MOVIE+ONLINE.jpg

di ba sa taguig yan shinooting? ^^

di ba sa taguig yan shinooting? ^^

Yes sa tenement sa taguig..T in the movie is the "Tenement":lol:

Something's being constructed at the corner of balete and n domingo although it looks nothing like a high rise. Baka showroom?

Showroom po itatayo, 3-storey with commercial space sa baba. Showroom po ng Tower-2

http://i1166.photobucket.com/albums/q602/Tachoink_Guild/smallfile.jpg

pero ano na po ba status ng other towers :)

As of now, on-going construction ng Showroom, target to be finished by June/July.
For the other towers, Tower-2 pa lang may development.
The name of Tower-2 is SkyBreeze Tower. Nagsimula na excavation for Tower-2
But they're still looking into "downsizing" the Structural Package to reduce the cost.
Units range from 1BR, 2BR, 3BR to 4BR units.

Any update? I think this is an underrated development in the new manila area.

I'm sure the newly opened Robinsons Magnolia mall will help ensure that the new towers don't get cancelled or downsized.

I'm sure the newly opened Robinsons Magnolia mall will help ensure that the new towers don't get cancelled or downsized.

This project would get a fair share of the booming demand because of the mall.

yes, i guess andrea north is a bit underrated because mainly of the dearth of projects philrealty has handled. well, mainly due to the crisis that hit them in 1997. i guess they learned their lesson and are slowly catching up.

moved into my andrea unit early this year and i'm very satisfied with everything. I was earlier considering magnolia residences but the completion date put me off compared to andrea which was already completed. it was also selling cheaper at that time compared to magnolia residences. Was also able to see the exact unit so no surprises as to how it really looked.

I'm also happy how it turned out - the unit, building management, turnover, and maintenance. there are some small hitches but very minor. I also got the one with a balcony, which is probably one of the biggest balconies we probably have in the phils (17 sqm) and no obstruction of my view as i face the new manila area.

the mall is a huge plus as i just get to walk. the mall as a bit high-end consdering the shops there and there seems to be a lot of eating places. note sure if the crowd can fill all those restaurant seats.

also, at andrea, there's ample visitors parking (for now) so my condo guests don't really have a problem parking. I hope the future buildings will be as good, so others too can enjoy condo living.. so far, so good...

Philrealty starts pursuit of big projects
By Miguel R. Camus | BusinessMirror | Wednesday | Posted at 11/21/2012 7:26 AM | Updated as of 11/21/2012 9:24 AM

MANILA - Property developer Philippine Realty and Holdings Corp. (Philrealty) may still be under corporate rehabilitation but the builder is pursuing projects in Quezon City and possibly Bonifacio Global City in Taguig on the back of buoyant sentiments in the real-estate sector.

Philrealty President Amador Bacani said in a phone interview on Tuesday the company already started the initial stages of construction of the second tower of its flagship Andrea North residential condominium complex in New Manila, Quezon City despite earlier delays. He said the first tower was completed last year.

Bacani added that the firm is in negotiations with shareholder Greenhills Properties Inc. over a 6,400-square-meter property in Bonifacio Global City, which Philrealty is looking to develop into a mixed-use complex.

“There will be a retail podium, residential condominiums, and office component and maybe serviced apartments. So it may have two to three towers,” Bacani said.

The project is still in the planning stages with the builder eyeing to start construction by 2014. Asked about its rehabilitation, Bacani said a new judge was recently appointed to the case. He said they are hoping to finally exit corporate rehabilitation sometime next year. Philrealty filed for corporate rehabilitation with the Quezon City Regional Trial Court in late 2002 after its business was hurt by the 1997 Asian financial crisis.

Source: http://www.abs-cbnnews.com/business/11/20/12/philrealty-starts-pursuit-big-projects

By: Ben Arnold O. De Vera, InterAksyon.com
November 21, 2012 4:01 PM

http://www.interaksyon.com/assets/images/articles/interphoto_1353487144.jpg

MANILA - Philippine Realty and Holdings Corp said its Andrea North project in Quezon City hit a snag, with the delay in the launch of a second tower contributing to a third-quarter loss.

In a briefing on Tuesday, Philrealty president Amador C. Bacani said work on the foundation of the 32-storey Skybreeze had begun, but its launch was postponed as the company aims to bring down the initial construction cost of P30,000 a square meter.

Bacani said the launch was moved to early next year, with turnover to owners set for 2015.

The company said its third-quarter loss tripled to P19.072 million this year from P6.970 million last year.

Revenues in the July to September period grew to P92.118 million from P87.243 million last year, but costs and expenses widened to P110.864 million from P93.979 million previously.

In the first nine months of the year, Philrealty incurred losses of P9.098 million, more than double the P4.374 million the previous year.

The company has programed capital expenditures of about P500 million next year, which will be sourced from existing receivables, Bacani said.

Next year's capex will be spent on construction of Skybreeze as well as of a townhouse project at a three-hectare property in San Fernando City, La Union.

Philrealty also hopes to sign a joint venture agreement with Greenhills Properties before yearend for a mixed-use development involving service apartments as well as office and retail spaces at a 6,400-square meter lot occupying four blocks at the Fort Bonifacio Global City in Taguig City, Bacani said.

"That's the better option now with a major construction there," he said, referring to the new Philippine Stock Exchange office in Fort Bonifacio.

Philrealty is selecting the master planner from among three architectural firms that submitted proposals, Bacani said.

"The master plan will take three to six months, then we decide on how to pursue this big project," he said.

"If sales of Skybreeze are good, they can be used to partially finance the proposed joint venture," he said.

Philrealty may also pursue development of a 1,850-square meter property near De La Salle University in Manila, where the foundation was laid 15 years ago, Bacani said.

He said the company is sorting out just a few more kinks so it can emerge from a court-administered rehabilitation. "We're working out one or two liabilities," he added.

Philrealty stopped payments of its liabilities at the height of the Asian financial crisis of the late 1990s.

http://www.interaksyon.com/business/48589/philrealty-project-in-qc-faces-delay

ala! delay

Philrealty’s joint venture on BGC approved
By Doris C. Dumlao | Philippine Daily Inquirer | Wednesday, November 28th, 2012 | 12:53 pm

MANILA, Philippines–Property developer Philippine Realty and Holdings Corp. is set to enter into a deal with principal shareholder Greenhills Properties Inc. (GPI) for the development of a 6,400-square meter prime property in Bonifacio Global City into a mixed-use complex.

In a disclosure to the Philippine Stock Exchange on Wednesday, Philrealty said its board had approved the signing of a memorandum of agreement with GPI as soon as it finishes evaluation of proposals solicited from local and foreign architectural firms on a masterplan for the property.

Philrealty undertakes “to prepare at its sole expense” the masterplan for the development of this property owned by GPI located in Bonifacio South District, Bonifacio Global City.

The property consists of four 1,600-sqm lots forming a block bounded by 5th Avenue, 25th St., 6th Ave. and 24th St. in BGC.

“A mixed-use development is envisioned with retail, residential, office and serviced apartments components,” the disclosure said.

“The preparation of the conceptual masterplan will take three to six months after which our company and GPI intend to enter into a definitive joint venture agreement,” it added.

Read More: http://business.inquirer.net/95457/philrealtys-joint-venture-on-bgc-approved

yes, i guess andrea north is a bit underrated because mainly of the dearth of projects philrealty has handled. well, mainly due to the crisis that hit them in 1997. i guess they learned their lesson and are slowly catching up.

moved into my andrea unit early this year and i'm very satisfied with everything. I was earlier considering magnolia residences but the completion date put me off compared to andrea which was already completed. it was also selling cheaper at that time compared to magnolia residences. Was also able to see the exact unit so no surprises as to how it really looked.

I'm also happy how it turned out - the unit, building management, turnover, and maintenance. there are some small hitches but very minor. I also got the one with a balcony, which is probably one of the biggest balconies we probably have in the phils (17 sqm) and no obstruction of my view as i face the new manila area.

the mall is a huge plus as i just get to walk. the mall as a bit high-end consdering the shops there and there seems to be a lot of eating places. note sure if the crowd can fill all those restaurant seats.

also, at andrea, there's ample visitors parking (for now) so my condo guests don't really have a problem parking. I hope the future buildings will be as good, so others too can enjoy condo living.. so far, so good...

Happy for you...

Where exactly is the second tower going to be? Is it to the right of the first (facing the LRTII)?

How many towers are there in Andrea north?

As of now, on-going construction ng Showroom, target to be finished by June/July.
For the other towers, Tower-2 pa lang may development.
The name of Tower-2 is SkyBreeze Tower. Nagsimula na excavation for Tower-2
But they're still looking into "downsizing" the Structural Package to reduce the cost.
Units range from 1BR, 2BR, 3BR to 4BR units.

Where exactly is tower 2 going to be?

the next tower buing built in Andrea is on the N. Domingo side just adjacent to the Magnolia residences tower. The original plan I saw was to build 5 towers, although their building 1 tower at a time at hindi sabaysaby dahil sigurista na sila. remember that they were hit by 1997 ASian crisis which actually put the construction of the 1st tower on hold so they say they want to do things nice and slow this time to give them enough financial buffer.

the next tower buing built in Andrea is on the N. Domingo side just adjacent to the Magnolia residences tower. The original plan I saw was to build 5 towers, although their building 1 tower at a time at hindi sabaysaby dahil sigurista na sila. remember that they were hit by 1997 ASian crisis which actually put the construction of the 1st tower on hold so they say they want to do things nice and slow this time to give them enough financial buffer.

The existing tower is already adjacent to Magnolia. If I am on the existing tower facing Aurora, is it in front, behind or to the right?

Is there a masterplan already for it? Secondly, is the second tower already preselling?

Got this masterplan of Andrea North. Is it still updated?

Looks like a huge cluster of towers. Anyway, hopefully maganda.

I heard there will be commercial spaces. But it looks like its all residential?

http://lh3.ggpht.com/_4GECkkplisw/TJ8D4Wg6KnI/AAAAAAAAAFE/UgL7ssHXETU/s640/Andrea_master_plan_large.jpg

The existing tower is already adjacent to Magnolia. If I am on the existing tower facing Aurora, is it in front, behind or to the right?

Is there a masterplan already for it? Secondly, is the second tower already preselling?
if facing aurora, the tower under construction is behind you. It is actually tower 1 in the masterplan you sent. Not sure if this masterplan still holds but as of last year when I talked to a broker, that is still the plan.

I reckon they should be preselling by next month. They are just finishing the model units located at N.domingo corner Balete.

The existing tower is already adjacent to Magnolia. If I am on the existing tower facing Aurora, is it in front, behind or to the right?

Is there a masterplan already for it? Secondly, is the second tower already preselling?
in the master plan, in the portion marked as children's playground, they built a 2 story structure that houses the model units and commercial space. I think the 1st floor is going to be commercial and the 2nd floor for the model units. The commercial space is very limited, maybe just enough to have 5-8 tenants.

if facing aurora, the tower under construction is behind you. It is actually tower 1 in the masterplan you sent. Not sure if this masterplan still holds but as of last year when I talked to a broker, that is still the plan.

I reckon they should be preselling by next month. They are just finishing the model units located at N.domingo corner Balete.

That means the existing tower now is the Skyline tower, isnt it?

That means the existing tower now is the Skyline tower, isnt it?
Yes, that is correct.

Yes, that is correct.

Ahhh... What's that area in front of Andrea North that is near Aurora? Green box in the image below. The tower inside the yellow outline is the existing tower of Andrea North.

http://i.imgur.com/UDq5VhR.jpg

Ahhh... What's that area in front of Andrea North that is near Aurora? Green box in the image below. The tower inside the yellow outline is the existing tower of Andrea North.

http://i.imgur.com/UDq5VhR.jpg
Pinecrest Condo of the Villar group. 3 low rise buildings - two 5-storey buildings and one 10 storey building. The 2 5-storey bidgs are built already and the 10 storey building is currently being done. I could actually see Pinecrest from my balcony

Pinecrest Condo of the Villar group. 3 low rise buildings - two 5-storey buildings and one 10 storey building. The 2 5-storey bidgs are built already and the 10 storey building is currently being done. I could actually see Pinecrest from my balcony


Interesting. This area is going to look nice once all those towers are completed. I hope pagandahin pa nila yung Gilmore-Aurora intersection (where the PC stores are)...

Now that I know masterplan of Andrea North, it would definitely block my view at Magnolia. But it's fine...

Got this masterplan of Andrea North. Is it still updated?

Looks like a huge cluster of towers. Anyway, hopefully maganda.

I heard there will be commercial spaces. But it looks like its all residential?

http://lh3.ggpht.com/_4GECkkplisw/TJ8D4Wg6KnI/AAAAAAAAAFE/UgL7ssHXETU/s640/Andrea_master_plan_large.jpg

Skybreeze is the one at the upper left. This Site Dev Plan still holds true save for the new structure, The 2-storey Showroom, located at the lower left hand corner (Children's playground transferred to upper right side).

The commercial spaces will be located @ the Showroom's ground level. I just don't know if the future towers would consider having Commercial spaces too.

Philrealty aims to restore market position
by Manila Bulletin | Tuesday | Published: April 23, 2013

http://www.mb.com.ph/images/article/2013_04_22_09_203.jpg
Andrea North

Philippine Realty and Holdings Corporation (Philrealty) is looking positively at its future.

Right now, everything is moving forward as planned, and the company is set to continue their projects like Andrea North in New Manila, Quezon City.

Philrealty President Amador Bacani said: “The two-hectare site is good for four more towers, including the second one we’re doing now. If we can launch a project every two years, it will take us six to eight years to fully build up that property. It won’t be enough to restore our position in the industry since other developers are launching projects left and right but we are confident of our success.”

The company had to postpone some of the projects it had started when the Asian financial crisis struck, in 1997.

The company is now looking beyond Metro Manila as an option. Philrealty owns properties in San Fernando and San Juan, La Union, which is expected to be more accessible with the completion of the Tarlac-Pangasinan-La Union Expressway. The company is also setting its sights on its property in Tagaytay, which is benefitting from the booming tourist market and its proximity to Sta. Rosa in Laguna.

Read More: http://www.mb.com.ph/article.php?aid=8870&sid=9&subid=52#.UXVkg2r5cqQ

creeplie (http://www.flickr.com/photos/90784656@N05/8571743153/in/photostream/)
http://farm9.staticflickr.com/8387/8571743153_cf8904f99b_h.jpg