Kuok Phils to sell 2 property assets

Property investment firm Kuok Philippine Properties, Inc. said in Wednesday it aims to raise P400 million this year by selling two property assets. Company vice chairman and president Tomas Zita Jr. said it will sell a 1,348 square meter lot located at the Fort Bonifacio Global City and a 107-hectare property in Tagaytay City, which it owns jointly with Crown Equities. "We are now in talks with individuals for these properties. We hope to seal the sale this year," Zita said on the sidelines of the company's annual shareholders' meeting. He said proceeds would finance future projects such as the 6-hectare property in Mactan, Cebu; the 20-hectare lot in Naic, Cavite; the 400-hectare property in Mabini, Batangas; and the development rights to the 10,800 square meter property in Malugay, Makati. Kuok Philippines is also considering the disposal of its 35 percent interest in Caylabne Bay Resort, a beach resort in Ternate Cavite. - GMANews.TV