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Landco to spend P1B

BY IRMA ISIP [ Malaya.com.ph ] May 12, 2011
Upscale property developer Landco Pacific Corp. (Landco) will spend P1 billion on new and expansion projects this year, Alfred Xerez-Burgos III, president and chief executive, said.
Landco also anticipates an increase in net income with the launch of new projects.
The company has launched its fifth tower at Tribeca Private Residences called Hudson Place in Sucat, Muntinlupa.
Landco will also be launching Aquaria, a condominium-hotel 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.
Xerez-Burgos said Landco is off to a good start in 2011, posting robust sales in the first quarter.
"If we can sustain this momentum, we are set to surpass last year’s profits."
Landco’s sales in the first quarter of 2011 reached P586 million, P90 million or 18 percent higher than the P496 million in the first quarter of 2010.
Last year, Landco posted P128 million in net income, against P258 million 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.
Landco has turned over Towers 1 and 2 of Tribeca Private Residences in Sucat.
It has also completed several components of its projects: the 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, thus, allowing lot owners to start building their hacienda-themed homes; and Waterwood Park’s phases 1 to 3B in Baliuag, Bulacan.
Landco has also turned over phase 1 of Playa Calatagan so that lot owners are now building their Asian tropical beach homes.
It also has completed phase 3 of Ponderosa Leisure Farms in Silang, Cavite.
It has turned over the majority of Amara en Terrazas condominium units in Nasugbu, Batanga. Some unit owners have moved in.
Lot owners at The Peak and The Ridge in Terrazas de Punta Fuego in Nasugbu have also begun building their luxury beach homes.
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