[ 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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