In relation to Philippine Estates Corporation's planned acquisition of land totaling 604,414 sq.m. in the next 12 months, on 27 July 2021, the company entered into several Memoranda of Agreement. Memorandum of Agreement ("MOA") with Bocaue Prime Estate Corp. and Recovery Real Estate Corporation for the purchase of five (5) parcels of land with a total area of 44,346 sq.m located in Brgy. Santol, Balagtas, Bulacan to be utilized for the Wellford Homes Balagtas project. MOA with Pacific Rehouse Corporation for the purchase of two (2) parcels of land with a total area of 10,788 sq.m located in Brgy. Subabasbas, Lapu-Lapu City. These properties are adjacent to the Company's existing subdivision project, Pacific Grand Villas, and will be developed as Pacific Grand Villas Phase 5. MOA with Pacific Rehouse Corporation for the purchase of six (6) parcels of land with a total area of 39,563 sq.m located in Brgy. Bito-on, Jaro, Iloilo City. These properties are likewise adjacent to the Company's existing subdivision in Iloilo, Jaro Grand Estates and will be developed as Wellford Homes at Jaro Grand Estates (Phase 3) Parcel C. MOA with Pacific Rehouse Corporation for the purchase of three (3) parcels of land with a total area of 15,268 sq.m also located in Brgy. Subabasbas, Lapu-Lapu City to be utilized for the Winfields Towncenter project. MOA with Rexlon Realty Group Inc. and Crisanta Realty Development Corp. for the purchase of two (2) parcels of land with a total area of 196,995 sq.m located in Tanza, Cavite to be utilized for the Winfields Village Tanza project. MOA with Westland Pacific Properties Corporation and Pacific Concorde Corporation for the purchase of eleven (11) parcels of land with a total area of 235,955 sq.m located in Sta. Maria Bulacan to be utilized for the Wellford Homes Sta. Maria Phase 1 and Phase 2 projects. MOA with Westland Pacific Properties Corporation for the purchase of three (3) parcels of land with a total area of 61,500 square meters located in Jaro, Iloilo to be utilized for the Wellford Homes at Jaro Grand Estates (Phase 3) Parcel D project. The company intends to enter into the corresponding Absolute Deed of Sale for each of the aforesaid MOAs, to be executed in due course.