Other Projects

On December 27, 2013, the Group entered into an unincorporated joint venture agreement with Injap Investments, Inc. (“III”) for the joint development of “The Uptown Place” at General Luna St., Iloilo City and “Injap Tower” at Mandurriao District, Iloilo City (the “Projects”). The agreement stipulates that III shall contribute land and the Group shall finance and develop the Projects and be exclusively responsible for the management and supervision of the construction of the Projects. In consideration for III’s land contribution, the Group delivered some saleable units of the Projects to III. The costs incurred in the development of the Projects are recorded as part of “Real estate inventories” and “Investment property” accounts in the consolidated statements of financial position.