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IRC Properties enters Joint Development Agreement with Dell Equipment and Construction Corporation for Property Development (Fiesta Casitas)

At its meeting today, the Board of Directors of IRC PROPERTIES, INC.(IRC) authorized the company to enter into a Joint Development Agreement ("JDA") with Dell Equipment & Construction Corporation ("Dell") for the development by Dell of an 8.7177 hectare property of the IRC located in Binangonan, Rizal, into a residential subdivision to form part of the Sunshine Fiesta Subdivision and to be called the Fiesta Casitas. Under the JDA, Dell shall develop the property at its own expense and shall share with the IRC in the developed house and lot units in the following proportion: Dell - 88% and the Corporation - 12%.

The following directors of the IRC are also directors and/or officers of Dell: Messrs. Alexander G. Asuncion, Frisco F. San Juan, Eduardo Ma. R. Santos and Miguel T. Puyat. Mr. Antonio V. Syyap, also a director of the IRC, is a Consultant of Dell, while Ms. Georgina A. Monsod, Treasurer and SVP of the IRC is the EVP of Dell.

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"IRC Properties enters Joint Development Agreement with Dell Equipment and Construction Corporation for Property Development (Fiesta Casitas)" was written by Mary under the Business category. It has been read 2314 times and generated 0 comments. The article was created on 18 July 2012 and updated on 18 July 2012.

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