Highlands Prime Inc., an upscale leisure property firm majority owned by the SM Group, said sales from real estate developments exceeded the P1.3-billion mark last year, mainly driven by new residential projects.
Highlands president Antonio A. Henson said projects such as The Horizon at Tagaytay Midlands, The Woodridge Park and The Hillside boosted the company’s top line.
Henson said the first phase of Woodridge Park is now 70 percent sold and Phase 2 is expected to start soon.
The Hillside, which is overlooking the Canlubang sugar estates and is the first and only residential lot development at the Highlands complex, have been purchased by members who wish to design and build their own log homes amid cooler temperatures. Phase 1 is 80-percent sold while Phase 2 is selling briskly.
Highlands’ most luxurious development to date is The Woodlands Point which will have a total of 60 rustic log cabins.
Another project in pipeline is the first Spanish-Mexican inspired residential lot community in the Midlands, Pueblo Real.
Henson said the company remains bullish on the real estate industry as it continues to build dream vacation homes which Highlands envisions to evolve into primary residences.
Highlands reported a net profit of P35 million in the first nine months of 2007, 41 percent lower than the previous level of P59 million due to lower rental income and higher expenses.
Revenues rose 34 percent to P290 million, mainly coming from the sale of Lakeview Heights lots, Horizon and Woodridge Park.
As of end-September 2007, Highlands’ total assets stood at P3.051 billion, down nine percent from the end-2006 level. This is mainly due to a 75 percent decrease in cash from P340 million to P84 million.