Philtown gets P1-B funding for Makati condominium project

Philippine Townships, Inc. (Philtown), the wholly-owned property development arm of RFM Corp., on Monday said it secured a P1 billion structured funding package for the construction of a residential condominium in Makati City. In a disclosure to the Philippine Stock Exchange, RFM said Philtown signed the deal with Filipinas Investments Ltd., the local branch of Capmark's Asia operations, for Philtown’s 47-storey Metropolitan Tower construction project. The Metropolitan Tower project in Estrella St., Makati City is intended to be developed into an affordable residential condominium. Established in 1995, Philtown was initially organized as the property firm of the RFM Group. The company has developed a number of residential subdivisions in Metro Manila. In addition to One Mckinley, Fairways and the Metropolitan Tower, Philtown is now developing the WH Taft project, a residential condominium that will cater to the needs of students in Manila. Philtown is also looking to put up other residential condominiums in Quezon City and Pasig. In June, Jose Concepcion III, RFM president and CEO, said Philtown is targeting to sell shares to public by early-2008. Concepcion said about 30 percent of the company will be sold to the public once its application for initial public offering is approved. After the public offering, the rest of the 70-percent stake will be given in stock dividends to existing shareholders of RFM. RFM officials explained that the planned divestment of RFM of its property unit will give the company more focus on its core business of food manufacturing. - Cheryl Arcibal, GMANews.TV