BAGUIO CITY – Goshen Lad Capital, a home-grown real estate developer, got a boost in its corporate existence following the infusion of some P440 million in fresh capital from Premier Harizon Alliance (PHA) Corporation through the signing of a recent memorandum of agreement that will guarantee the latter a 55 percent stake in the local company.
Goshen Land is a premier Baguio-based homegrown real estate developer in Northern Luzon. The Company develops innovative master planned communities of low to mid-rise residential and commercial condominiums including student dormitories initially in the different parts of the country’s Summer Capital and the nearby capital town of La Trinidad, Benguet.
Goshen Land presently has 18 projects with more than 3,800 units and an asset base of P1.6 Billion Pesos which was generated over the past several years.
Premiere Horizon’s investment is envisioned to accelerate growth and expansion of Goshen Land’s investment property products. PHA is fully supportive and confident of the management team headed by Atty. Alexander Bangsoy, a 2013 Ernst & Young Entrepreneur of the Year Finalist, to undertake the planned completion of existing projects and the expansion and specialization into investment property products.
Premiere Horizon’s mission of invigorating the countryside and its focus on investment properties is complementary with Goshen Land’s “global” strategy of a company with “global standards” and a “local heart.” This guides the company’s thrust as it successfully competes and differentiates itself from established real estate developers based in Metro Manila.
The investment in Goshen will considerably improve Premiere Horizon’s consolidated financial position. The projected income from Goshen Land, CUBES and Redstone will transition Premiere Horizon from non-recurring to recurring high growth income.
With the impending ASEAN Economic Community (AEC) integration, PHA, through its subsidiaries, aims to be a regional player in food security, natural resources development, tourism, shelter and communities.
The PHA Corporation made the disclosure of its multi-million investment to Goshen Land in its report to the Philippine Stock Exchange late last week.
For the past several months, PHA representatives had been frequenting the city to conduct due diligence on Goshen’s existing projects and its future undertakings over the past several months prior to the disclosure.
The basis for the acquisition of PHC of GLCI is the valuation of its cash flows and projected financials which now currently stands at P1.6 billion.
By Herald Express News Team.
