MANILA, Philippines - Philippine Realty Corp. on Wednesday signed a memorandum of agreement with Greenhills Properties Inc. for the development of a project in Bonifacio Global City, Taguig.

In a disclosure to the stock exchange, PhilRealty said they will develop a mixed-use residential/ commercial condominium project on GPI's properties in Bonifacio Global City. 

Earlier, PhilRealty said it is planning to build office buildings, residential towers and serviced apartments in the 6,400 square meter property.

PhilRealty is hoping to exit corporate rehabilitation. The company filed for rehabilitation with the court in 2002 after incurring losses with the real estate industry slump in 1997.