Keyland Corporation has recently acquired Security Bank’s 51.81% share in the upscale property unit Security Land Corporation. The shares were sold to Keyland Corp. and its subsidiaries Adelentado Corp. and Blue Sphere Properties Inc. for P1.6 billion in cash, which was based on the net present value of the property firm.
Security Land is a joint venture among a Singaporean listed company, a local partner, and Security Bank. It was incorporated in 1995 to engage in the acquisition and holding of investment in real estate.
The properties of Security Land include SLC Building, an 8-storey office building along Ayala Ave., Makati City, and a 35-hectare property in General Trias, Cavite.
The property company also has an existing joint venture agreement with Robinson Land to develop Signa Designer Residences, a luxury two-tower residential condominium on its property at the corner of Valero and Rufino Streets, Makati City.
