MANILA, June 30 (PNA) — Listed high-end real estate developer Philippine Realty and Holdings Corp. (PhilRealty) on Tuesday announced its foray into energy and other sectors outside real estate, as it makes a big leap in its diversification plan in a bid to boost revenue stream.
PhilRealty Chairman Gerardo Lanuza Jr. said the company is also investing in other businesses like healthcare, education and financial services.
“The positive economic outlook has created opportunities to look into industries outside the real estate that can provide additional revenue streams for the company and expand its business portfolio,” he said.
In power sector, PhilRealty President and Chief Executive Officer Andrew Alcid said the company is close to finalizing a deal to acquire a start-up company, Sultan’s Power Inc. (SPI), which will convert plastic wastes and garbage into fuel.
“Fuel can be in form of either gasoline, diesel or kerosene… It will be sold to users like power plants,” he said in a press briefing, adding that the first plant will be located in Montalban, Rizal near Payatas.
Alcid said the 100-percent owned subsidiary is already entering into long-term supply contract with different local government units (LGUs).
“We are close to finalizing (the deal)… (Signing will take place) within the next 30 to 60 days,” he added.
On the healthcare business, Alcid said PhilRealty will build a condominium-style living facilities geared towards the active seniors.
In the financial services, he said it will focus on wealth management targeting especially the upscale market.
Alcid said the company is keen on participating in the K to 12 Basic Education Program.
Within its core real estate business, he further said PhilRealty will also venture into a new retail concept and masterplanned townships and leisure communities, apart from vertical, residential and office development projects.
“We started to look for other opportunities which will give us a more steady and continuous revenue stream. As we know, real estate is a cyclical business so in preparation for whatever the downside happens, we would like to start looking at investing in other businesses,” Alcid added. (PNA)