COSCO Capital Inc. said on Tuesday it is renting a parcel of land in Marikina City.
The company disclosed with the Philippine Stock Exchange that it executed a lease contract, through subsidiary Ellimac Prime Holdings Inc. with Rotonda Development Corp.
Under the agreement, Cosco Capital will rent from the latter a land along Liwasang Kalayaan in Marikina Heights, with an area of 7,168 square meters.
The Lucio L. Co-led firm intends to use the premises for development and operation of a commercial center.
The company could not be reached for details as to how much is the rental cost, as well as the investment and plans for the hub it will build within the property.
Formerly known as Alcorn Gold Resources Corp., Cosco Capital was incorporated on January 19, 1988, originally as an oil and mineral exploration and development entity and later on became a holding company.
Apart from commercial real estate, it also has interests in retail via Puregold and S&R Membership Shopping, liquor distribution and oil storage.
For the six-month period ended on June 30, the listed company and subsidiaries realized a revenue of P40.6 billion, more than 600 percent than the recorded P6.3 billion in the same period last year.
The group also generated a net income of P2.3 billion, which is higher than the P488 million it made in the first half of 2013.
The real estate segment reported a 6-percent hike in revenue from P874 million to P927 million year on year.