SBS Philippines Corp., a chemical trading firm diversifying to property development, said it acquired prime real-estate assets in Balintawak and in Green Meadows, both in Quezon City.
The properties were acquired through its associate companies, Smyte Philippines Holdings Corp. and Namia Holdings Corp.
Smyte recently signed a deed of absolute sale to acquire a 2-hectare property. The newly acquired property is adjacent to a 3-hectare property already owned by another associate company of SBS.
“The group considers such acquisition in prime landholdings for a potential joint development of the combined 5-hectare property in Balintawak area, which offers strong value and a good potential to deliver an attractive total return due to its attractive size and location,” the company said.
Namia acquired a property more than 3,000 square meters located in Green Meadows, Quezon City.
This acquisition is considered for a potential joint mixed-use development or sale in order to capitalize in the growing marketability of the area.
“SBS continues to expand its strategic investments in related assets and businesses given the growth prospects of the property market. In line with this, the group has started to explore the best utilization of its Ayala Makati asset through a possible joint development for a commercial building in this prime location,” the company said.
It said the company is looking into taking advantage of the high demand of its Mandaluyong property and is currently accepting multiple offers on this prime real estate.
SBS earlier said its diversification strategy on property development only involves a small ownership stake in firms and investing in real estate.
The company said the strategy is to go into small ownership in firms rather than having a majority control over the projects. This is to have more diversified interests in different property holdings at a lower capital requirement and risk exposure.