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Business

Federal Land sees reservation sales hitting P14B this year amid boom

Neil Jerome Morales - The Philippine Star

MANILA, Philippines - The property development arm of tycoon George Ty’s GT Capital Holdings Inc. expects a double-digit reservation sales growth to as much as P14 billion this year as the company has positioned itself to take advantage of high demand amid the property boom.

To ensure continuous growth, Federal Land Inc. is boosting its recurring income portfolio through more office and retail developments, officials said.

“We’re focusing on the construction of projects that we have pre-sold. That’s necessary to see income contribution,” said Federal Land president Alfred V. Ty.

“The outlook for (reservation sales) this year is between P12 billion and P14 billion, that’s about 15 percent better than last year,” Ty said.

In the first half, Federal Land booked a 58-percent surge in profits to P716.2 million from P453.3 million as total revenues improved 21 percent to P4.4 billion from P3.7 billion.

“Federal Land completed the first half of the year by delivering encouraging results. The company’s robust performance during the period was supported by the combined improvements in real estate sales, in the earnings of associates and joint ventures, as well as in rental income,” Ty said.

For this year, GT Capital is banking on Federal Land to offset the weakness of other operating units.

“The drivers will be residential and we are moving into business process outsourcing (BPO) office space. We are putting up some of these buildings targeted for the BPOs in the Bay area,” Ty said.

For instance, Federal Land is completing this year a 15-story BPO office building that will offer about 25,000 square meters of gross leasable area in the reclaimed portion of Manila Bay near Roxas Boulevard. To date, GT Capital offers office space through GT Tower and AXA Life towers.                                               

ALFRED V CAPITAL HOLDINGS INC FEDERAL FEDERAL LAND FEDERAL LAND INC GEORGE TY MANILA BAY ROXAS BOULEVARD TY
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