usd and usd: Philrealty names new president

Tuesday, June 3, 2014

Philrealty names new president

SCREENGRAB from philrealty.com.ph

MANILA—Philippine Realty & Holdings Corp., the first publicly listed company to graduate from court receivership in the aftermath of the Asian financial crisis, has named former banker Andrew Alcid its new president effective July 31.

Alcid, 55, will be taking over the post to be vacated by Amador Bacani, who is 66 years old.

The changing of the guards is happening alongside Philrealty’s plans for a big comeback to the property market after its exit from a 12-year court-assisted rehabilitation.

Alcid first joined the Philrealty board in 2012 to fill the vacancy arising from the death of Eduardo Gaspar. He was the president and chief executive officer of Coastal Road Corp. and Knowledge City Holdings & Development Corp. before joining Greenhills Properties Inc. as president. He was also president of AXA Philippines, one of the country’s leading insurance firms, from 2006 to 2008.

Before joining the property business, Alcid had spent many years as a banker, holding executive posts at Banco de Oro Unibank, BDO Private Bank and United Coconut Planters Bank.

He also spent 11 years with Citibank, taking on assignments in New York, Los Angeles, Hong Kong and the Philippines. He also worked at Merrill Lynch, Salomon Brothers and KPMG Peat Marwick Mitchell.

Alcid graduated from Pace University in New York (magna cum laude) where he received bachelor’s and master’s degrees in business administration.

To mark its return to the property market, Philrealty earlier unveiled a P10-billion investment in the next 10 years in upscale residential development Andrea North in Quezon City. In line with this, the company launched Sky Villas Tower, the second phase of its five-tower, two-hectare Andrew North project, which is expected to create about P25 billion worth of property inventory in the next decade.

Philrealty is also planning to add a retail component at El Pueblo, Pasig and develop a mixed-use vertical development project at the Bonifacio Global City in partnership with Greenhills Properties.

At the same time, the company will start pursuing projects outside the central business district in the form of master-plan townships.