Kepwealth Property Phils., Inc. is buying condominium units and parking spaces with a budget of P184.44 million. This is only within one building located in Pasig City. According to the company, it entered into deeds of absolute sale with Amberland Corporation in exchange for spaces in its One San Miguel Avenue building. The transaction covers two floors and 18 parking spaces situated in the Philippine Economic Zone Authority (PEZA)-certified skyscraper at the corner of Shaw Boulevard. If you want to know more about this transaction, here are the key points from the latest news.
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The company said that the total consideration paid was P184,439,808 inclusive of VAT. This will form part of the use of proceeds from the initial public offering (IPO) of the firm last August 2019. The One San Miguel Avenue owned by Amberland is a building with 1,568-square meter corner lot. It is composed of 54 floors and has 7 basements. The building also has business tenants mostly from the business process outsourcing (BPO) sector. Meanwhile, Kepwealth is one of the four companies that successfully listed its shares on the Philippine Stock Exchange in 2019. The company was able to accumulate P384.77 million from its IPO with a plan to acquire new spaces for commercial and office purposes.
Before signing the deeds of absolute sales, Kepwealth previously said that its planning to purchase 3,500 square meters of space in the areas of Quezon City, Makati, and Davao. It said that it’s expecting to expand its portfolio of leasable space to 18,121 square meters. Kepwealth disclosed that there is a prime property in Quezon City that it’s been eyeing for. The Apo View Hotel in Davao City is also a property it is targeting in order to close the purchase during the first half of the year.
Kepwealth was incorporated in 2005 and now, it has 77 units with 98 leasable spaces. Its Kepwealth Center, which is a 15-story building is located in Cebu Business Park. The center was accredited by the Philippine Economic Zone Authority and the spaces are being occupied by local and international tenants. There are also 459 units in different buildings here in Manila that are being managed by KPPI as well. Some of them are Medical Plaza Ortigas, Oxford Suites, Burgundy West Bay Tower, Burgundy Corporate Tower, Icon Macapagal, Atrium Mall, and Vivaldi Residences-Cubao Commercial Space.