Phinma to Sell Asian Plaza

(October 3, 2008) Makati, Philippines – The PHINMA Group today announced its intention to sell Asian Plaza, a 5-storey office condominium building with a gross floor area of 10,310 sq m. on a 3,045 sq.m. property prominently located at 328 Sen.Gil J Puyat Ave. corner of Tordesillas and H. V. Dela Costa Sts. in the heart of Makati City. The property has a redevelopment potential with a Floor Area Ratio (FAR) of 8 for office use and 16 for residential use. Asian Plaza is well positioned in close proximity to shopping malls, restaurants, entertainment venues, and the major office buildings and embassies located in the Makati CBD.

The property will be offered for sale via shares acquisition of Asian Plaza Inc. The PHINMA Group has in its fold several companies that addresses the basic needs of the Filipino. These include affordable housing, construction materials, hotel facilities, and facilities management.

Colliers International, the Philippines leading property Services Company, has been engaged by the Asian Plaza Inc. as exclusive marketing agent to arrange the sale of the property and expects strong interest from potential purchasers. “Phinma’s disinvestment plan is timed to take advantage of the strong real estate market and comes in the wake of other major development site acquisitions in Makati in recent weeks.” said David Young, Colliers’ Managing Director. “The sale is expected to attract interest not only from the local development community but also from overseas investors”.

The sale will be arranged by way of a Tender process and a formal announcement will soon be made.

For inquiries please contact Ieyo De Guzman

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