Primex scouts for possible acquisitions, JV deals

MANILA, Philippines - Mid-sized property developer Primex Realty Corp. is planning to beef up its business this year as it scouts for possible acquisitions and joint venture deals.

The company, with its mission to develop world-class residential and commercial projects targeting the high-end and middle-class markets, said it seeks to strengthen its position as one of the top mid-sized real estate developers in the country.

Karlvin L. Ang, Primex Group managing director, said Primex will embark on a more aggressive company development and progress starting this year.

“We are strongly encouraged by the local and foreign investors given the strengthening of the local real estate industry,” Ang said.

“We are keeping ourselves open to opportunities for joint ventures, acquisitions, and capital enhancement exercises at the soonest possible time,” he added.

Ang said the company recently topped-off its 31-story residential condominium project in Salcedo Village, Makati.

Called The Stratosphere, the upscale project will offer a total of 336 residential units with floor areas ranging from 25 to 201 square meters.

The tower will also have a commercial area for shopping, dining, and entertainment once it opens by the last month of the year.

Primex Realty is behind horizontal developments such as the Goldendale Village, Goldendale II, and Gardenville Townhomes in Malabon City, and The Richdale in Antipolo City.

Its vertical developments, meanwhile, include the Richbelt Terraces in Greenhills, Greenrich Mansion in Ortigas Center, and the Chantreuse Garden and the Philippine International Trade Center office building in Makati City.

“Each of these has matured and gradually grown into distinct. These projects are now an integral part of the landscape in the key areas of the metropolis,” Ang said.

Primex Realty is a member of the Primex Group of Companies, a conglomerate owned and controlled by the Ang family.

The Primex Group also has a joint venture project known as the Xiamen World Trade Center, a mixed-use development sitting on a two-hectare property in Xiamen, China.

The facility is home to global retail giants such as Walmart and Printemps Department Store.