PHILIPPINE Realty & Holdings Corp. reported its net income grew by 48% in 2018, on strong sales of its projects in Quezon City and Bonifacio Global City, as well as higher valuation of its assets.

In a regulatory filing, the listed property developer said its net income attributable to the parent company stood at P392.63 million in 2018, from P264.36 million in the previous year.

“The improved valuation of our investment properties as well as the sustained increases in our real estate and rental businesses led to our bottomline leap,” PhilRealty President and Chief Executive Officer Alfredo S. del Rosario, Jr. said in a separate statement.

PhilRealty said property sales jumped by 28% to P1.009 billion, driven by demand for properties such as SkyVillas and Skyline in Balete Drive, Quezon City, and Icon Plaza in Bonifacio Global City (BGC), Taguig.

Rental income also rose by 117% to P102 million on the company’s expansion of leasable spaces and new lease agreements.

Other income also increased by 84% to P662 million on the re-valuation of investment properties, such as commercial, office and storage condominium for lease and parking spaces for lease at Philippine Stock Exchange Center (Tektite Towers) in Ortigas Center and the Icon Plaza.

Recently, PhilRealty closed the 20-year-old legal case with Universal Leisure Corp. (ULC) which involved a 2,370 square meter (sq.m.) penthouse unit and 74 parking lots in Tektite Towers. RLT paid P231 million that allowed it to re-acquire the properties. The company started buying Tektite units back in May 2017 when it acquired the units owned by the Philippine Stock Exchange totaling 4,492.22 sq.m.

For this year, PhilRealty said it is looking at doubling its authorized capital stock to 16 billion common shares. The new shares will be issues to Greenhills Properties, Inc., which will be intended for two lots in BGC where a high-end residential condominium project will be constructed. — V.M.P.Galang