By Zinnia Dela Peña (The Philippine
Star) Updated November 02, 2012 12:00 AM
MANILA, Philippines - Highlands Prime
Inc. reported a net income of P29.2 million in the first nine months of the
year, a reversal of the P49.4-million loss incurred in the same period in 2011.
Highlands Prime said revenues more
than doubled to P419.9 million from P195.8 million, of which 51 percent came
from residential lot projects. Condominium and log cabin projects contributed
49 percent to the total.
Gross revenue jumped 124 percent to
P180.1 million due to the contribution of the higher margin residential lot
projects. Other income rose 36 percent to P21.9 million.
Total operating expenses rose by only
four percent to P124.2 million.
Construction of Woodridge Place Phase
2, a condominium project at Tagaytay Highlands which boasts of a view of Taal
Lake is in full swing.
Sierra Lago, a subdivision development
launched in November 2010, is expected to be completed toward the third quarter
of the year. Located at Tagaytay Midlands, Sierra Lago will offer 185 lots of
approximately 200 to 300-square meter cuts.
Highlands Prime has earmarked P800
million for capital expenditures this year, mainly to develop the 27-hectare
Aspenhills at the Tagaytay Highlands and phase 2 of Woodridge Place.
The company expects to generate around
P1.3 billion from the sale of 182 lots at Aspenhills which offer a breathtaking
view of the mountains of Batangas and Laguna and the Canlubang Valley. The
lots, with sizes ranging from 350,000 to 400,000 square meters, are priced at
P14,000 to P15,000 per square meter.
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