Posted on April 06, 2015 10:10:00 PM [
BusinessWorld Online ]
By Krista A. M. Montealegre, Senior
Reporter
FEDREAL Land, Inc. of billionaire
George S.K. Ty plans to double its residential project launches this year amid
strong demand for homes.
GT Capital Holdings, Inc. President
Carmelo Maria Luza Bautista said in a chance interview on March 26 the property
developer plans to launch “at least 10” projects this year, two of which have
been launched already.
“The pick-up is quite good. That sector
-- the P5 million to 10 million range -- is still good,” Mr. Bautista said. He
did not provide the sales value of the projects.
A regulatory filing by GT Capital
showed Federal Land will account for P15 billion of the conglomerate’s
P50-billion capital expenditure (capex) budget for the year. The real estate
firm’s capex will finance the development of ongoing vertical residential
projects, retail and commercial developments and land acquisition.
Federal Land spent the same amount
last year, GT Capital Head of Investor Relations Joey B. Crisol said in a
mobile phone message.
Federal Land launched four new
vertical residential condominium projects last year, namely Time Square West in
Veritown, Fort Bonifacio; Marco Polo Residences Oceanview in Cebu; Six Senses
Resort 4 and Palm Beach Villa 2 in Pasay City, the same regulatory filing
showed.
Federal Land is part of GT Capital
Holdings, Inc., the holding firm for Mr. Ty’s interests in Metropolitan Bank
& Trust Company, Toyota Motor Philippines, Global Business Power Corp.,
Philippine AXA Life Insurance Corp., Charter Ping An Insurance Corp., Toyota
Financial Services Philippines Corp., Toyota Manila Bay Corp. and Toyota Cubao,
Inc.
GT Capital shares were unchanged at
P1,380 apiece yesterday.
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