Landco sales soar as buyers seek open and wider spaces

LEISURE real estate developer Landco Pacific Corp. sales have been surging in the past five months as buyers eye open spaces amid the pandemic, the company said.

“Profit-wise, we have recently experienced sudden surge and increase in pricing of our projects because of the clamor for wider, open space (and) laid-back environment,” Landco Chief Financial Officer Vivian S. Liban said in an online briefing on Thursday.

“In the last five months, we have experienced a surge in sales.”

The developer of the Peninsula de Punta Fuego, Lanco properties include residential beach side developments and leisure tourism estates.

Ms. Liban said that the company used the lull in business activities and construction during the pandemic to streamline its business processes.

“With this, we expect to have operating efficiencies, lower operating costs and higher profits for Landco.”

Landco has been promoting its leisure tourism estates Club Laiya and CaSoBē in Batangas, which will have mixed use residential and commercial lots.

“We have recently secured funding commitment from our shareholder Metro Pacific Investments Corp. (MPIC),” Ms. Liban said, adding that Landco has receivables it can collect over the next two years to complete the projects.

MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Jenina P. Ibañez

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