A Brown to develop Misamis Oriental mixed-use complex

A Brown Co Inc. (ABC) signed a P2.5 billion joint venture with the Misamis Oriental provincial government to develop a new mixed-use estate.

The joint venture covers the development of a portion of the Misamis Oriental Capitol Compound into a mixed-use complex with office, commercial, dormitory and a public park, the company said in a disclosure to the Philippine Stock Exchange on Wednesday.

A Brown said its board authorized president and CEO Robertino Pizarro to enter into a joint venture agreement (JVA) with the provincial government.

"The project is to be developed in four parts with total investment committed by the corporation of 2.5 billion pesos," A Brown said.

The first phase of the project will include the development and construction of office spaces, a commercial/shopping center, a park and parking facilities, while phase two will include the development and construction of a multilevel mixed-use building with a dormitory.

The Mindanao-based firm is primarily engaged in the business of horizontal real estate development ranging from high-end and middle-income residential developments to economic and socialized housing segments.

Its real estate developments are focused on the Northern Mindanao region. Among its township developments are the Mountain Pines Farm Estates in Bukidnon, a 280-hectare project with plans for an 18-hole golf course underway, and the 300-hectare Epic Mountain Estate in Tanay, Rizal.

It is also poised to launch vertical residences such as Coral Bay Suites' The Royale and The Navy Towers in Misamis Oriental and Highlands Fairway Suites in Butuan.

The company, through its subsidiaries, also has investments in power generation through affiliates Palm Concepcion Power Corp. and Peakpower Energy Inc.