Vol. XXI, No. 167 [ Business World Online ]
Thursday, March 27, 2008 | MANILA, PHILIPPINES
LANDCO PACIFIC Corp., a subsidiary of listed Metro Pacific Investments Corp., will be spending P3.5 billion this year for the development of new projects as well as the expansion of existing ones, to further boost revenues.
The company also reported yesterday a turnaround in profits to P261.2 million in 2007 from a net loss of P12.9 million due to a significant increase in revenues.
"Landco will be launching four new projects [and expanding] two existing projects through internally generated funds," executive vice president and chief operating officer Francis V. Ceballos said.
The bulk of the expenditure will be allotted for projects under the firm’s "leisure communities" and "hometown communities" divisions as these units drove last year’s revenues to P2.23 billion from only P890 million previously.
Leisure communities include Playa Laiya in San Juan, Batangas and Plaza Azalea in Samal Island, Davao. The hometown communities are Wood-grove Park in San Fernando, Pampanga and Woodridge Zamboanga in Brgy. Lunzuran, Zamboanga City.
These projects, aimed at the high-end market, will be mostly co-developed with private landowners.
Mr. Ceballos also told reporters yesterday that the company would be expanding Playa Calatagan and Hacienda Escudero, projects under the resort and hotel division.
Playa Calatagan is a 92-hectare mixed-use beachside leisure-commercial tourism development in Calatagan, Batangas, where Landco is constructing a 67-room hotel.
The property developer is also planning to put up an "agritainment park" in Hacienda Escudero.
Landco’s urban communities division is led by its TRIbeca project, a joint venture with ATR KimEng Land, Inc., located on the South Luzon Expressway.
Landco is beeing wooed to list on the stock exchange but it has shelved plans due to harsh market conditions.
The company also recently underwent rebranding into a developer providing "leisure living." — L.N.P. Lee
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