A UNIT of Yuchengco-led House of Investments (HI) has bought a 184-hectare property in Tarlac province in northern Philippines as part of efforts to improve its property portfolio and diversify revenue sources.
In a regulatory filing on Wednesday, the company said Tarlac Terra Ventures, Inc., on Dec. 29 bought land from Rizal Commercial Banking Corp. (RCBC) for P2.7 billion. The lot is at the Central Techno Park in Luisita Industrial Park.
House of Investments said the property was bought through a deed of conditional sale. It added that Tarlac Terra Ventures has three years to pay for the lot.
The listed firm said the transaction allows Tarlac Terra Ventures to “own an asset that appreciates over time.”
“The property is located in a prime area in Tarlac that has potential for value appreciation,” it said. “The prospect of the property for future development is viewed to provide future revenues for HI.”
House of Investments’ core businesses are in car dealership, construction, education, and property management services. It also has portfolio investments in pharmaceuticals, energy, and death care.
House of Investments shares rose by 7.03% or 23 centavos to close at P3.50 each. — Revin Mikhael D. Ochave