Monday, June 23, 2008 [ philstar.com ]
Belle Corp., a leading developer of high-end leisure properties, expects its revenues to reach between P1 billion and P1.5 billion this year on the back of higher sales.
Belle executive vice-president and chief financial officer Manuel Gana said net earnings will likely stay the same level as last year’s P331.7 million.
Belle registered P621.97 million in revenues last year, up seven percent from the previous year’s P580.85 million.
In the first quarter this year, Belle’s net revenues grew 55.49 percent to P255 million.
Gana said the company has set aside P1 billion this year for the development of ongoing and new projects.
“Since 2003, Belle has been financing most project development costs through contract-to-sell financing agreements with various local banks in which such banks purchase Belle’s receivables from buyers of the firm’s real estate products,” Gana said.
Among the company’s new projects this year includes the Costwold, an expansion of its hugely successful Lakeside Fairways located at the southern portion of the Tagaytay Midlands golf course.
Situated on a nine-hectare property, Cotswold will comprise 157 lots with sizes ranging from 300 to 823 square meters or less. This exclusive enclave will feature European-style country cottages.
Aside from Cotswold, Belle is planning to launch more phases of Lakeside Fairways.
Belle vice-chairman Willy Ocier said the company is in talks to two or three local companies for the possible sale of its five-hectare property along the reclaimed land on Roxas Boulevard.
Ocier said the company expects to raise at least P1.5 billion from the sale of the property.
“We want to entertain as many buyers as we can. We intend to get the money upfront,” said Ocier.
Belle is on its sixth year of improving profitability since 2002 and expects to maintain its dominant position in the high-end property sector where its flagship Tagaytay Highlands is considered one of the dominant players in the leisure and resorts industry.
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