[ bworldonline ]
THE property unit of GT Capital Holdings, Inc. will be launching five
more residential projects in the second half of 2018, after posting
lower reservation sales in the first half due to fewer units left in its
inventory.
Federal Land, Inc. had targeted to unveil nine to 11 projects this
year, three of which have already been launched from the January to June
period. This includes the Florida Sun Estates-Orlando in General Trias,
Cavite, Mimosa Tower of Peninsula Garden Midtown Homes in Paco, Manila,
and Baler Tower of Palm Beach West in Metro Park, Bay Area.
The property developer then launched the first tower of Quantum Residences along Taft Avenue in Pasay City earlier this month.
“We have five more projects in the second half. There’s Grand Hyatt 2
because Grand Hyatt 1 was fully sold out, two or three towers in the
Bay Area. Aside from Grand Hyatt, another tower in Bonifacio, and
another tower in Taft,” GT Capital President Carmelo Maria Luza Bautista
told reporters after a media and analysts’ briefing in Taguig City on
Aug. 15.
Federal Land has already sold out the 239 units in the first tower of
the Grand Hyatt Manila Residences in Bonifacio Global City (BGC) in
Taguig. The company will also launch the second tower of the Quantum
Residences in Pasay, which will cater to students of schools such as De
La Salle University, St. Scholastica’s College, and Arellano University
located within the area.
The launch of more projects will support the company’s growth this
year. In a presentation, Mr. Bautista noted that Federal Land’s
inventory slipped by 17% to 1,364 units in the first half, following
delays in securing permits and licenses for new projects. Reservation
sales accordingly fell by six percent to P6.4 billion.
Federal Land’s net income also dropped by 35% to P503.6 million in
the first semester, versus the P777.8 billion it generated in the same
period a year ago, as revenues stood flat at P5.3 billion.
The company currently holds a land bank of 82.70 hectares across the
country, located across Metro Manila and provinces such as Iloilo,
Laguna, and Cavite. Its residential units for sale range from 18 to 400
square meters (sq.m.), priced from P20 to P101 million.
Aside from residential projects, the company said it will also
redesign the podium for The Big Apple Mall at Grand Central Park in BGC,
to accommodate the business district’s high-density residential
communities. The redesign will bring 20,000 sq.m. of additional gross
floor area to the company.
Federal Land is one of the property companies of tycoon George S.K.
Ty, with the other being Property Company of Friends, Inc.
(Pro-friends), which caters to the low-cost property sector. Pro-friends
has so far developed 2,886 housing units, with a land bank of more than
1,700 hectares mostly in Cavite.
The two firms delivered consolidated revenues of P9.7 billion in the
first half of 2018, 8.9% higher year on year, while net income
attributable to the parent went down by 24.5% to P1.1 billion. — Arra B. Francia
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