Kepwealth expects to begin property acquisition in H2

By VG Cabuag @villygc

ProPerty developer Kepwealth Property Phils. Inc. on Thursday said it may start acquiring properties sometime in the second half of the year.

Originally, the company had projected to complete the acquisition of properties until the end of the second quarter of 2020.

“As has been our stance since the beginning of the pandemic, we still believe that our shareholders’ interest would be best served by being conservative in our capital investments. As always, we have been evaluating as well the business environment,” the company said. “ i n the meantime, all unused i P O [initial public offering] pro- ceeds were invested in low-risk investment instruments that provide the highest possible returns.”

Kepwealth said it continues to keep in mind the current business environment in undertaking its development effort.

“After reassessing our plans and timeline with regards to the use of the i P O proceeds for the acquisition of additional units that we can lease out, we believe that the most prudent stance would be to continue to proceed cautiously as we evaluate the available properties and weigh that against the demand for office spaces.” it said the pandemic has adversely affected the business of its clients and this affected its leasing operations. t he company said it is working with its clients to help them stay afloat and weather this pandemic “even as we exert all efforts to look for new clients.” t he company earlier said it bought two contiguous floors and 18 parking spaces in One sa n Miguel Avenue. due to the pandemic, however, the floors and parking spaces were only turned over after the eCQ, or enhanced community quarantine. d ue to the pandemic and the financial difficulty of all the properties that the company managed, our

As of the end of the first half, the company still has to deploy some P170.45 million of the P384.76 million in gross i P O proceeds which it gained in August 2019.