MANILA, Philippines—Property developer Landco Pacific Corp. is investing about P1 billion for expansion this year given a still buoyant property market.
In a press statement, Landco president and CEO Alfred Xerez-Burgos III said the company had a good start in 2011 and is anticipating to bring more inventory to the market.
“We’ve enjoyed robust sales in the first quarter. If we can sustain this momentum, we are set to surpass last year’s profits,” he said.
Landco’s sales in the first quarter reached P586 million, up by 18 percent from a year ago.
Earlier this year, the 21-year-old privately held property firm launched its fifth tower in Tribeca Private Residences called Hudson Place located in Sucat, Muntinlupa. For the rest of the year, Landco is targeting to launch Aquaria, a condotel at Playa Calatagan in Calatagan, Batangas; an expansion in Ponderosa Leisure Farms called Ponderosa Gardens in Silang, Cavite; and a new house-and-lot project at Waterwood Park in Baliuag, Bulacan.
Last year, Landco posted P128 million in net income, much lower than the P258 million bottom line attained in 2009.
“The decrease in net income was a result of depleting inventory as we deliberately did not launch new projects in 2009 and 2010 so we could focus on finishing projects that we launched in 2007 and 2008,” Xerez-Burgos said.
He said Landco had turned over Towers 1 and 2 at Tribeca Private Residences in Sucat, Muntinlupa. It likewise announced the completion of the following: land development of hillside cluster 1; Aqua Park’s swimming pool and poolside cabanas in Playa Azalea in Samal Island, Davao; cluster 1 and clubhouse at WoodGrove Park in San Fernando, Pampanga; lake amenity and phase 1 at Hacienda Escudero, Tiaong, Quezon; Waterwood Park’s phases 1 to 3B in Baliuag, Bulacan; phase 1 of Playa Calatagan in Calatagan, Batangas; and phase 3 of Ponderosa Leisure Farms in Silang, Cavite.
The company has likewise turned over majority of Amara En Terrazas condominium units in Nasugbu, Batangas, allowing some unit owners to move in. Lot owners at The Peak and The Ridge in Terrazas de Punta Fuego in Nasugbu, Batangas, have also already begun building their luxury beach homes, the company reported.
Furthermore, Xerez-Burgos said the turnover of Towers 3 and 4 of Tribeca was on track by the middle of this year, as well as the opening of the Tribeca Central Park within 2011.
Meanwhile, clubhouse and pool amenities at Playa Laiya in San Juan, Batangas, are set for completion this May, and Playa Laiya lot owners may start construction of their seaside homes by the yearend, he said.