Westchester takes over Globe Asiatique assets via P3.2 billion Pag-IBIG sale

MANILA, Philippines — Westchester Realty Corp. (WRC), a property company under the RGV Group of housing industry leader and former lawmaker Rodolfo Valencia, has given Globe Asiatique’s housing communities a new lease on life after taking over the latter’s major projects worth about P3.2 billion over the past two years.

Its latest acquisition is the GA Tower condominium in EDSA Mandaluyong, just beside the Boni-MRT Station, which will have its grand launch this week.

“We are very excited about the GA Tower project as this would once again prove to be a success based on the most affordable pricing scheme that we have prepared particularly for qualified Pag-IBIG Fund member-borrowers. Its location and amenities provide homebuyers the opportunity to own condominium units right at the center of everything,” said WRC president and chief operating officer Nico Valencia.

He added that the GA Tower project would provide “affordable luxury” coupled with convenience, as the condominium boasts of a prime location and complete amenities.

The company is pre-selling a total of 540 ready-for-occupancy units in GA Tower One for only P77,000 per square meter, which is up to 50 percent cheaper than in other projects within the area.

The state-run Pag-IBIG Fund has twice awarded the 33-year old WRC as the No.1 Developer in Northern Luzon and No.7 Top Developer nationwide for the past two years following its acquisition, redevelopment and disposal of Pag-IBIG’s multi-billion pesos worth of housing inventory.

In early 2020, at the start of the pandemic, WRC acquired several housing communities previously developed by Globe Asiatique, the company owned by businessman Delfin Lee of the famed housing fiasco more than 10 years ago, through the Pag-IBIG auctions.

“We bought the rights to these non-performing assets of Pag-IBIG by way of public auctions,” Valencia said.

These former Globe Asiatique housing communities are located in Pampanga, Binangonan and San Mateo in Rizal province, Valenzuela City and lately, GA Tower in Mandaluyong.

“Housing demand is very strong particularly for first-home buyers. We were able to sell more than 4,000 units out of the more than 8,000 units in the communities housing built by Globe Asiatique throughout the span of the pandemic,” Valencia said.

“Despite those challenging times, our company even gained the momentum that led us to acquiring more of Pag-IBIG Fund’s non-performing assets,” he said.

Valencia said the controversy between Pag-IBIG and Globe Asiatique has been resolved with the entry of WRC and their company’s acquisition of the rights of Pag-IBIG Fund through public auctions on an “as is, where is” basis.

“We did our utmost due diligence and together with the assurance from Pag-IBIG, everything has been running smoothly,” Valencia said

“At the same time we likewise sought the support of Globe Asiatique as this will not prosper without the proper coordination and cooperation from the previous developer. We’ve assured Mr. Lee that WRC will respect and give priority to Globe Asiatique’s previous and original buyers especially those who have fully paid their purchased housing units,” Valencia said.