TORRE Lorenzo Development Corp. (TLDC) is still looking to conduct an initial public offering (IPO) as it continues to grow its property portfolio, an official said on Friday.
“I think right now what we want to do is really build our organization and make it IPO-ready,” TLDC Chief Operations Officer Cathy Casares-Ko told reporters on the sidelines of a launch event.
“When you go for an IPO, you have to have a really good story. So, [this] contributes to the story, we are building it… but it is still on the table. We want the growth to be steadier before we go to the market,” Ms. Casares-Ko added.
In 2018, the company said that it was looking at capital-raising activities as it wants to grow as fast as other property firms in the market and is eyeing a listing between 2020 and 2023.
In 2020, the company also said it is eyeing a real estate investment trust for its property portfolio.
On Friday, the company announced that it is set to develop the west tower of its Torre Lorenzo Loyola property, a short distance from the 36-storey Torre Lorenzo Loyola east tower in Loyola Heights, Quezon City.
The new project is set to have up to 500 units within the new residential tower. It will also house upscale amenities for residents.
Meanwhile, the company said it has sold and turned over about 90% of the property’s P1.9-billion east tower development.
The project has a total of 654 units, with studio types spanning 21 to 28 square meters (sq.m.) and one-bedroom units spanning 38.3 sq.m. to 47.5 sq.m.
The company also announced its plan to expand its integrated development in Tierra Davao by adding a residential property, the Crown Residences, and an office and commercial center.
The developer is carrying out expansion activities within its Dusit Thani Lubi Plantation Resort in Davao de Oro.
During the first half, the company more than doubled its reservation sales from the same period last year. This represents 71% of its target for the year. — A.H. Halili
