MANILA, Philippines - Property developer Globe Asiatique Realty Holdings Corp., is putting off its P3.3 billion initial public offering slated this month due to weak global market conditions.

In a letter to the Philippine Stock Exchange on Wednesday, Globe Asiatique chief finance officer and executive vice president Dexter Lee said that despite a strong second quarter growth, investors remain cautious about the real estate sector and are focusing on bigger market players.

"Following the recent global financial crisis, investors have been expecting the market to return to its normal state. However, as a result of the continued instability of the world market, coupled with the lack of sufficient investments, global economic stability is not expected soon," Lee said.

Last week, the stock exchange approved Globe Asiatique's IPO application. It was supposed to be the first company to conduct a public offering this year.

Based on its IPO plan, the offering period would be from September 15 to 22, and listed on September 30.

The company planned to offer 170.455 million common shares of which 136.36 million are primary shares while 34.09 million are secondary shares. The company has also set aside 168.7 million shares to cover overalloments.

The offer shares will be sold at a price of between P6.50 to P10 a piece.

BDO Capital is the lead underwriter for the offering.

Proceeds from the offering will be used to finance the company's property projects, namely the GA Sky Suites and Corporate Tower, residential and office building project along EDSA corner Quezon
Avenue in Quezon City, as well as other horizontal housing projects in Bacoor, Cavite and Mabalacat, Pampanga.