Crown Equities Incorporated (Philippines)

Crown Equities Incorporated, located in Makati City, was incorporated on October 24, 1969 as Leyte Base Metal Corporation. In 1993, the company changed its name to Pacific Rim Oil and Resources Corporation. On May 22, 1995, the stockholders approved a strategic shift in the company's primary business activity to investment holding. Crown Equities Inc. started its healthcare business by operating an ambulatory care clinic in Makati City in 1997 and in Sta. Rosa, Laguna in 1998. In the same year, the company began developing a property in Biñan, Laguna into a middle-class residential subdivision called Palma Real. The company also acquired a significant interest in a toll road project, which was eventually divested in 2005. In 2003, Crown Equities Inc. entered into an agreement with Sta. Lucia Realty and Development, Inc. to develop the Palma Real project. Marketing and sales for the project began in 2004. The company also started the development of Cypress Towers, a mid-rise residential condominium project in joint venture with DM Consunji Inc. in 2005. By 2007, Cypress Towers started marketing and selling condominium units. With the cash flows from the Palma Real and Cypress Towers projects, as well as the proceeds from the divestment of the toll road project, Crown Equities Inc. was able to start construction in 2009 of its own office building called Crown Center, which houses the corporate offices of the company and FortMed Clinics. In 2010, the company began leasing out excess office spaces of Crown Center. Crown Equities Inc. has not made any significant business acquisitions in the past three years. Its major investments are still in the healthcare and real estate businesses, with the latter being done through joint ventures with major companies in the industry. The company's land bank continues to appreciate in value.