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Friday, March 29, 2024

Haus Talk taps portion of IPO proceeds to acquire Biñan property

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Low-cost housing developer Haus Talk Inc. said Monday its board of directors approved the reallocation of a portion of the P750-million initial public offering proceeds to acquire a property in Binan, Laguna province.

Haus Talk said in a disclosure to the stock exchange its board agreed to reallocate P62 million allotted for land acquisition as a partial payment for the purchase of the Calasiao and Sta. Rosa properties.

This would now be used as additional partial payment for land acquisition of the 12-hectare Biñan property, it said.

“Given the magnitude of the Biñan and Bacoor projects of the corporation, the board decided to cancel the implementation of the purchases of the Calasiao and Sta. Rosa properties and instead refocus the corporation’s resources on its more prime projects,” Haus Talk said.

The company plans to develop the Biñan property into economic residential housing units which are expected to generate about P3.4 billion in sales.

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It is also rechanneling P35.9 million in IPO proceeds allotted for project development of its property in Mariveles, Bataan to the project development of the Biñan.

Haus Talk said it planned to start the project development in November.

Haus Talk, established in the 1980s by the Madlambayan family from Pampanga, has properties in Antipolo, Laguna, Marikina and Metro Manila.

It has sold almost 1,900 housing units and develops another 2,300 units until 2023.

The company was listed in the small, medium and emerging enterprises board of the Philippine Stock Exchange in January.

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