PUEBLO DE ORO Development Corporation (PDO), the residential development arm of the ICCP Group, said its net income jumped 15% in 2018, thanks to strong sales of its residential projects.
In a statement, PDO said its profit stood at P234.7 million in 2018, from P204.4 million in the year prior. This was driven by a 23% rise in sales revenue to P1.6 billion from P1.3 billion in 2017.
“The growth validates our strategy to focus on residential property,” PDO president Prim Nolido said in a statement. “We are expanding and improving our portfolio to meet the very strong demand for affordable homes, particularly outside Metro Manila.”
Aside from its high-end projects, PDO also has affordable economic housing projects covering over 500 hectares in Cebu, Pampanga, Laguna, Batangas, and Cagayan de Oro.
In Cebu, PDO has consistently been among the top 5 developers recognized by the Home Development Mutual Fund (Pag-IBIG Fund), in terms of takeout housing loan deliveries in the Visayas since 2014.
PDO’s residential projects in Cebu include La Aldea Buena and La Aldea del Rio. Two of its subdivisions, La Aldea del Mar and Park Place, can be availed of through Pag-IBIG financing.
“In Cebu, 90 percent of our takeouts are actually Pag-IBIG. Overall, HDMF-financed houses represented 82% of the company’s total sales in 2018, amounting to over P1 billion in loan takeouts,” Mr. Nolido said.
“With the increase in Pag-IBIG accounts in our Luzon, Visayas, and Mindanao projects, 2019 promises to be an even better year. We will continue to strive to achieve our goal of making Pueblo de Oro a formidable brand in the real estate industry.”