Villar Land sets final property fair value at P52.74B, down from P1.33T

VILLAR LAND Holdings Corp. has set the final audited fair value of its newly acquired properties at P52.74 billion, according to its 2024 annual report filed with the Securities and Exchange Commission (SEC), sharply lower than an earlier estimate of P1.38 trillion that drew regulatory scrutiny.

- Beatriz Marie D. Cruz and Arjay L. Balinbin

The valuation covers 366 hectares of prime land within Villar City, a 3,500-hectare master-planned development spanning Metro Manila and Cavite. Villar Land acquired the properties through its purchase of Althorp Land Holdings, Inc., Chalgrove Properties, Inc,, and Los Valores Corp. for P5.2 billion on Sept. 30 last year.

In its filing on Thursday, the company said the properties were initially appraised using the income approach, yielding an estimated value of about P1.3 trillion.

After discussions with its external auditor, Punongbayan & Araullo (P&A), Villar Land adopted the market approach for its audited financial statements.

“Appraisal reports were obtained from SEC-accredited property appraisers to support the fair value measurement... The company agreed touse the valuation based on market approach,’ the report said.

According to Note 28 of the audited financial statements, the fair value of investment properties was disclosed at P52.74 billion, while the properties were recorded at P8,759,321,390 cost, in compliance with Philippine Financial Reporting Standards (PFRS).