Landco to invest P1B on new, expansion projects

Manila, Philippines - Property developer Landco Pacific Corp. (Landco) will invest P1 billion in new and expansion projects for this year as the firm anticipates an upsurge in the demand for houses.

Landco president and chief executive Alfred Burgos III said the company has launched its fifth tower in Tribeca Private Residences called Hudson Place located in Sucat, Muntinlupa.

Landco will also be launching Aquaria, a condotel at Playa Calatagan in Calatagan, Batangas, an expansion in Ponderosa Leisure Farms called Ponderosa Gardens in Silang, Cavite and a new house-and-lot project at Waterwood Park in Baliuag, Bulacan.

Burgos said Landco had a good start in 2011. “We’ve enjoyed robust sales in the first quarter. If we can sustain this momentum, we are set to surpass last year’s profits,” Burgos said.

Landco’s sales in the first quarter of 2011 reached P586 million, P90 million more or 18 percent higher than last year’s P496 million.

Last year, Landco posted P128 million in net income from P258 million in 2009.

“The decrease in net income was a result of depleting inventory as we deliberately did not launch new projects in 2009 and 2010 so we could focus on finishing projects that we launched in 2007 and 2008,” Burgos said.