MANILA, Philippines - Leisure estate developer Highlands Prime Inc., controlled by the family of the country’s richest man Henry Sy, said it expects to double its earnings and capital expenditures this year.
The upscale property developer is banking on strong demand for its two hilltop residences project in tourist attraction Tagaytay, a company official said.
“We’re expecting to double our net income this year with a capital expenditure of P650 million,†Shirley Ong, senior vice-president of Highlands Prime, told reporters after the company’s annual stockholders meeting.
“We’re pacing the launch of our projects based on the market requirement,†she said.
Last year, its profits reached P32.2 million, turning around from a P35-million net loss a year ago. It spent P300 million for its property projects in 2012.
Ong said the hefty growth in earnings will be driven by the sales of Linden Tower and Aspen Hills, and the recognition of income from other projects.
In November, Highlands Prime launched the 27-hectare Aspen Hills that offers 240 lots ranging from 320-800 square meters (sqm) for turnover in the fourth quarter next year.
This month, the company launched Linden, the second tower of The Woodridge Place Phase 2. Linden is selling 113 condominium units with sizes of between 41-212 sqm for turnover in late 2015.
“Moving forward, we will continue to strengthen the position of Tagaytay Highlands as a premier leisure destination, even as we pursue growth opportunities by broadening the range of our product offerings both within and outside Tagaytay,†said Highlands Prime president Henry Sy Jr.
Ong said the leisure estate developer will spend more than P500 million for Woodridge Place Phase 2 while P150 million is allotted for the acquisition of properties.
“Right now, we are concentrating on Tagaytay Highlands [particularly] the leisure homes. We’re exploring opportunities outside Highlands for primary and second homes,†Ong said.
Other projects of the listed firm include the first building of Woodridge Place Phase 2 and The Woodlands Point composed of 24 single-detached cabins.
“We are proceeding with the development of The Woodland Point in a controlled manner and plan to build additional log cabins over the next few years,†Sy said.
To date, Highlands Prime still has around 800 hectares of landbank for future developments.