Property developer goes after niche markets

Most real estate companies minimize their risk by going after established markets.

Torre Lorenzo Development Corp. is going another way, pursuing niche markets and untapped demographic segments.

“We develop based on needs,” says Tomas Lorenzo, president and chief executive of the family-owned property development firm, which has been acquiring and developing a portfolio of prime real estate in the country for more than 25 years.

In 2000, Torre Lorenzo embarked on an innovative concept that has become its signature real estate offering to date, spurred by insights from associates and clients of other businesses in the Lorenzo group.

“When we talked to students, they always said ‘We wish we had a nice place.’ There was a need for quality housing for this market segment,” says Lorenzo.

Torre Lorenzo thus embarked on condominium projects specifically targeting the students.

The first was the Torre Lorenzo tower near De La Salle University along Taft Avenue, followed by 2 Torre Lorenzo. The company’s latest installment in this series of “university housing” is Torre Central near University of Santo Tomas in Sampaloc, Manila.

These are what Lorenzo calls “focused communities,” or developments geared toward an identified market segment.

In southern Metro Manila, Torre Lorenzo’s focused condo community approach has found a different kind of home buyer. Here, young urban professionals have been seeking a place where they can assert their independence, yet still be near the familiar environment they grew up in or the gated subdivisions and villages in the area.

Thus, with vertical living proving to be the most attractive proposition for this moneyed segment, the company launched the 15-story Torre Sur in Las Piñas City.

Lorenzo says similar projects are in the pipeline.

At the same time, it is going after new segments, starting in Davao.

“We decided to get into another type of community, which is hotel and leisure—mixed use,” says Lorenzo.

Its maiden project in Mindanao is Ciudades, a 200-hectare masterplanned development in Mandug that will bring modern urban life to the area.

It will feature five to six residential subdivisions, and support features such as a transport terminal, commercial areas, a business park (First Mindanao Business Park), and even academic institutions (Philippine Women’s College) and civic venues such as a football stadium (El Centro).

For Ciudades, Torre Lorenzo entered into partnerships for specific aspects of the master plan.

The group has so far teamed up with other developers such as Sta. Lucia Land and Robinsons Land Corp.

“These people have their strengths, and we need partners—it’s a perfect fit. Such partnerships can make things happen faster,” he adds.

Another masterplanned development of Torre Lorenzo in Davao City is Siam 8000, a 1.2-hectare prime property in the popular downtown district of Lanang.

This project will boast of the first Dusit hotel in the region, plus a branded residential component for exclusive high-end condo living.

The 120-room hotel will be developed under the Dusit d2 lifestyle brand, while the adjacent Dusit Thani Residences will be composed of 168 rooms in studio, one-, two- and three-bedroom configurations.

For Torre Lorenzo, the best is yet to come.

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