Omico Corp. is going solo on the development of its real estate properties in Pangasinan as it dropped a partnership deal with bilyonaryo Exequiel Robles’ Sta. Lucia Realty and Development Inc. (SLRDI) .
Omico and SLRDI announced that they had mutually agreed to rescind a memorandum of agreement signed in April 19, 2005.
The agreement involves the development by SLRDI of Omico’s real properties in Urdaneta with an aggregate area of 23.25 hectares into a residential and/or commercial subdivision.
Under the deal, SLRDI shall be entitled to 55 percent of the developed saleable lots while the remaining 45 percent shall be retained by and remain with Omico.
Omico said the decision to rescind the agreement was made by both parties to focus on their skills and resources on their respective real estate projects.
“It will be an opportune time to enhance Omico’s capability to develop its real properties on its own, increase its revenues and maximize investor return,” the company said.
Funding for the development of Omico’s real estate properties will come from its cash reserves and internally-generated funds from the sale of housing units in the Sta. Rosa Homes Project in Nueva Ecija.
After relinquishing its rights and obligations in the Macawiwili mining project last year, Omico diversified its operations into property investment, development of low-cost subdivision housing units, and investment in joint venture projects with the company as landowner and the JV partner as developer.