Upscale property developer Landco Pacific Corp. reported a double-digit sales growth in 2011 as overseas remittances and low interest rates continued to fuel demand for residential units.
The privately held property developer reported that it generated sales amounting to P2.65 billion last year, about a fifth higher than the P2.2 billion in sales reported in the previous year.
In a statement, Landco president and CEO Alfred Xeres-Burgos III said: “2011 was a good year for the Philippine real estate industry and a busy and exciting year for Landco as well.”
Landco reported that its top-selling development in 2011 was Tribeca Private Residences, a resort-themed condominium in Sucat, Parañaque, which grossed P805 million. This was a 93-percent increase compared to 2010, owing to the uptake of inventory from newly launched Hudson Place (Tower 5) and following the turnover of one tower in Chelsea Place and another tower in Bryant Place.
Leisure community Playa Laiya in San Juan, Batangas, made P374 million, a 31-percent increase in sales following the grand launch and completion of its beach club. Sales from Playa Azalea on Samal Island in Davao was reported at P304 million following the completion of its Aqua Park.
WoodGrove Park, a luxury home community in San Fernando City, recorded sales of P303 million, up 14 percent compared to a year before, following the completion of its Clubhouse Pool.
Last year, Landco unveiled The Gardens house and lot project at Waterwood Park in Baliuag, Bulacan, and a preview of Playa Azalea’s eight-hectare expansion.
The company did not disclose bottom-line results.
Xerez-Burgos said he was optimistic that 2012 would remain favorable for the company and the entire real estate industry. “We look forward to more government infrastructure projects that will contribute to a positive outlook for this year.”—Doris C. Dumlao