SUNTRUST Properties Inc., a unit of Andrew Tan’s listed property developer, on Tuesday said it has bought Stateland Inc., a 42-year-old real-estate company known for building affordable quality homes and communities in the southern part of Luzon. The company said this will allow Tan’s real-estate firm to expand its raw land portfolio by another 150 hectares and to own certain allied and related properties, on top of Stateland’s existing developments spread across more than 200 hectares.
“Our goal is to further expand our developments in the Calabarzon [Cavite, Laguna, Batangas, Rizal and Quezon] area where the growth prospects are great. Stateland’s existing properties in the nearby provinces of Cavite and Laguna are impressive, and we are more than excited for the opportunities to develop them,” Suntrust President Harrison Paltongan said.
The company did not state how much it bought Stateland.
Paltongan will also be the new president of Stateland, a company known for developing well-planned, flood-free communities. Their latest project, which is also their flagship community, is Washington Place along Aguinaldo Highway in Dasmariñas, Cavite, that offers around 1,700 modern contemporary housing units in a 40-hectare masterplanned community.
The Philippine Competition Commission, meanwhile, has approved the deal.
“The transaction does not result in a substantial lessening of competition in the relevant market considering there exists sufficient post-transaction competitive constraints on the parties from other market participants” in approving the transaction where Suntrust acquired 96.87 percent of Stateland,” it said.
Stateland is also a builder of upscale pocket townhouse developments in Metro Manila such as the Royal Circle Townhomes in Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest Townhomes in Quezon City; and Royal Chateau in Pasay City.
In the last four decades, Stateland has also built residential and office condominiums in Makati City, Quezon City, San Juan, Mandaluyong, and in Binondo, Manila.
The company also built several industrial and farm-lot developments in Bulacan, Cavite and Pasig City.
Stateland has also been known as one of the most active participants in the government’s shelter programs, pioneering in areas with potential growth and conducive to economic development.