A prime piece of Makati City real estate has changed hands, signaling a significant move in the property landscape. LFM Properties Corp. has secured a 918-square-meter lot in the heart of Salcedo Village, a strategic addition to their growing portfolio.
The coveted land, nestled along Valero and San Agustin Streets in Barangay Bel-Air, is officially documented under Transfer Certificate of Title No. S-87611. The acquisition, finalized through an agreement with Parity Values, Inc., represents a substantial investment in one of the Philippines’ most prestigious business districts.
The total transaction amounted to P1.1 billion, inclusive of value-added tax. This considerable sum reflects the property’s exceptional location and potential, a valuation meticulously confirmed by an independent third-party advisor chosen collaboratively by both LFM Properties and the seller.
The board of directors at LFM Properties authorized the purchase on December 23rd, demonstrating a swift and decisive commitment to expansion. Payment terms have been established over a one-year period, streamlining the process without any preconditions.
This acquisition is poised to bolster LFM Properties’ existing holdings, which currently include the iconic Liberty Plaza Building, Liberty Center, and Liberty Building – all strategically located within Makati City. The company anticipates this new property will contribute significantly to its long-term growth.
LFM Properties operates as a key subsidiary of Liberty Flour Mills, Inc., a name synonymous with flour milling excellence in the Philippines since 1958. While recent financial reports indicated a 14% decrease in third-quarter gross revenues, attributed to vacancies in Liberty Plaza Building, this acquisition signals a renewed focus on property development.
Despite recent market fluctuations, with shares last closing at four centavos each on December 18th, LFM Properties’ move demonstrates confidence in the enduring value of prime real estate within Makati City. This strategic investment positions the company for future success and continued expansion within the dynamic Philippine property market.
