SOC Land parent firm bullish in property sector

MANILA, Philippines - South China Resources, Inc. (SCRI), the parent company of property developer SOC Land, is bullish in the property sector and will continue to invest in it.

At the sidelines of SCRI’s stockholders meeting, SCRI chairman Edgardo P. Reyes said, “We believe that the real estate property sector will continue to be robust due to the country’s brisk economic performance, Filipinos’ rising incomes characterized by a resurgent and growing middle class, and strong demand from OFWs and expatriates.”

“We will definitely continue to look to the property sector for growth,” he said.

South China Resources was registered with the Securities and Exchange Commission (SEC) in 1992 primarily to undertake oil and gas exploration, development and production. In 2003, South China changed its primary purpose of business to that of a holding company, with oil and gas exploration being reclassified among its secondary purposes.

In November 2010, as part of its diversification strategy, SCRI forayed in property development and established SOC Land as its wholly owned property subsidiary.

SOC Land’s maiden project, Anuva Residences is a P2 billion mid-rise residential building complex offering a total of 2,000 units. Anuva will be situated along the east service road of SLEX, one kilometer away from the Sucat Interchange and about ten minutes away from Makati and Alabang. It will be built on the 2.4-hectare property previously owned by SCRI and transferred to SOC Land last year.

Said Reyes, “The government estimates the country’s housing backlog at almost four million. There lies the opportunity for the Group to serve a basic need of Filipinos through SOC Land. We are committed to build quality homes at affordable prices.”

“We definitely see our investment in property development through SOC Land as an important aspect in enhancing our shareholder value,” he added.