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Federal Land to go into affordable housing

[ Malaya.com.ph ] September 26, 2011
FEDERAL Land Inc. is set to offer lower-priced housing units by next year.

This will be a departure from the company’s focus on the high-end market segment.

Alfred Ty, Federal Land president, said the lower-priced units will be offered under unit Horizon Land, which is already developing mid-rise units for the middle-income market.

Federal Land’s latest launch is Marco Polo Residences in Cebu, which is anchored on a hotel development and targets the upscale market.

Federal Land is spending P3 billion to build a two-tower condominium that will sit beside Marco Polo Plaza in Cebu.

The unit is co-branded with Marco Polo, which will extend its expertise and services for the amenities of project.

The project will have a total of 401 units of one- to four-bedroom flats with sizes ranging from 40 to 226 square meters.

Federal Land is expecting to book P3.5 billion from the two residential towers.

The company expects to increase by 30 to 50 percent its income of P400 million last year.

The company releases into the market an average of 2,000-3,000 units a year.

With the improved property market, Federal Land is looking at reservation sales of P10 billion this year, nearly double last year’s sales.

About 10 percent of the sales come from overseas Filipinos.
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