HAUS TALK, Inc. (HTI) spent nearly P499 million in bond proceeds on project development and land banking during the third quarter, accounting for almost all of the funds disbursed during the period.
In a disclosure on Thursday, the listed property developer said it used P298.64 million for project development and P200 million for land banking during the three months ended Sept. 30.
The combined P498.64 million accounted for 97.7% of the P510.2 million disbursed during the quarter.
The company also spent P11.56 million on general corporate purposes.
HTI reported P738.7 million in unspent net bond proceeds as of end-September, with P437.28 million allocated for land banking, P291.78 million for project development, and P9.64 million for general corporate purposes.
The company raised P1.8 billion through a fixed-rate bond offering listed on the Philippine Dealing & Exchange Corp. (PDEx) on March 16.
The offering consisted of Series A bonds maturing in 2029 and Series B bonds due in 2031.
After estimated issuance expenses of P38.24 million, net proceeds from the offering amounted to P1.762 billion.
Earlier this week, HTI announced plans to acquire two properties in Batangas covering approximately 16 hectares for residential developments that could add more than 1,500 housing units to its pipeline.
The proposed acquisitions include a 9.93-hectare property in Barangay San Roque, Santo Tomas, intended for economic and socialized housing developments under Batas Pambansa Blg. 220.
The second property, covering approximately six hectares in Barangay San Rafael, Malvar, is intended for mid-market housing under Presidential Decree No. 957.
HTI said construction of the proposed developments is expected to begin within the next three to five years.
At the local bourse on Thursday, HTI shares declined by 0.71% to P1.39 apiece. — Alexandria Grace C. Magno