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.