Landco Pacific posts upsurge in sales in the first half of 2012
Landco Pacific Corporation, one of the acknowledged frontrunners in luxury leisure development in the country, has achieved a remarkable 33% growth in sales in the first half of 2012. This represents collective sales of approximately Php1.6 billion from the corporation’s portfolio of prime projects all over the country.
The announcement came at the heels of Landco’s earlier report this year that showed Php2.6 billion in total sales in 2011, a figure higher by 20% than the corporation’s 2010 sales of Php2.1 billion.
“The upscale property market remains upbeat thanks to a stable economy and strong interest from investors,” said Alfred Xerez-Burgos III, Landco President and CEO. “Given the good sales performance and capex plans for 2012, our revenue and profit outlook remains 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 country’s GDP climbed up to 6.4% to post the highest growth in Southeast Asia and the second highest in Asia. Likewise, OFW remittances increased to $4.8B, a 5.4% increase compared to the same period in 2011.
The property sector has gained substantial dividends from these favorable financial conditions, and Landco’s varied prestige projects have served the market’s needs for quality and innovation to enjoy the loyalty of buyers and post vigorous sales. Tribeca Private Residences in Muntinlupa City remains Landco’s bestselling development in the first half of the year—posting sales of Php490 million. The noteworthy performance of the project property was steered by the 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.
Elsewhere outside the metropolitan Manila area, Landco’s Leisure Communities, namely Playa Laiya in San Juan, Batangas and Playa Azalea in Samal Island, Davao both performed outstandingly with sales of P241M and P220M, respectively in the first-half. The Urban and Visayas-Mindanao Communities segment also enjoyed a remarkable 61% growth, or Php304 million, due mainly to the strong sales performances of the corporation’s four developments in the region.
Capitalizing on Landco’s growth in 2011, Xerez-Burgos said the corporation is setting its sights on launching new residential and commercial projects and expand on current developments. It expects to allocate some Php900 in capital expenditures for the whole of 2012 to bankroll its intended ventures.