Saturday, September 12, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
Property developer Landco Pacific Corp. said Friday it managed to beat its sales target for the first half of the year because of strong sales in the residential segment. In a statement, Landco Pacific said residential sales stood at P1.949 billion, 11% higher than its sales target. Growth was driven mostly by strong sales of real estate projects in the Visayas and Mindanao.
Landco Pacific did not say how much profits it made during the period except that sales in the Visayas and Mindanao rose to P497 million from January to June, 35% higher than the target.
Aside from residential sales, Landco Pacific said revenues from leisure developments increased to P427 million while sales of memorial parks rose to P287 million, exceeding the combined target by more than a fifth.
"The company is bent on completing all ongoing projects. Coupled with the improving global economy, the completion of these projects will provide Landco better opportunity to further boost sales," Landco Pacific president Alfred Xerez-Burgos III said.
"When those who have money to invest may be afraid to put it in riskier vehicles, real estate becomes the safer investment. It is a tangible asset that would not go anywhere and would surely appreciate," he added.
Landco Pacific’s prime projects in the Visayas and Mindanao areas include Monterazzas de Cebu, a premier mountainside residential community in Guadalupe, Cebu City; Playa Azalea, a seaside commercial and residential enclave on Samal Island, Davao del Norte; and Woodridge Garden Village in Zamboanga City, a resort-like residential subdivision.
Its memorial parks are Forest Lake parks in Iloilo, Zamboanga, Davao, General Santos, Cagayan de Oro, San Fernando in La Union and Biñan in Laguna.
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