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Landco Pacific sales climb 33% to P1.6b

By Manila Standard Today | Posted on August 18, 2012 | 12:01am |
[ manilastandardtoday.com ]

Landco Pacific Corp., one of the frontrunners in luxury leisure development in the country, said sales in the first six months of the year rose 33 percent to P1.6 billion from a year ago.

“The upscale property market remains upbeat, thanks to a stable economy and strong interest from investors,” said Alfred Xerez-Burgos III, Landco president and chief executive. “Given the good sales performance and capex plans for 2012, our revenue and profit outlook remain on-track for the rest of the year.”

The trend follows the general upswing in the Philippine economy in the first quarter of the year when the gross domestic product climbed 6.4 percent on year, the fastest expansion in Southeast Asia and the second highest in Asia.

Remittances from workers overseas, which fuels the economy, increased 5.4 percent in 2011 to $4.8 billion from a year ago.

Landco posted total sales of P2.6 billion in 2011, up 20 percent from P2.1 billion in 2010.

The property sector has gained substantial dividends from favorable financial conditions, with Landco’s varied prestige projects serving the market’s needs for quality and innovation.

Tribeca Private Residences in Muntinlupa City remains Landco’s bestselling development in the first half of the year, posting sales of P490 million. The project property driven by an increase of inventory from its newly-launched Hudson Place (Tower 5) and the opening of the Central Park, a modern leisure and lifestyle amenity at the center of Tribeca.

Landco’s leisure communities outside Metro Manila, namely Playa Laiya in San Juan, Batangas and Playa Azalea in Samal Island, Davao performed strongly with sales of P241 million and P220 million, respectively in the first-half.

The urban and Visayas-Mindanao communities segment recorded a 61 percent growth to P304 million, due mainly to the strong sales performances of the corporation’s four developments in the region.
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