PUEBLO de Oro Development Corp. (PDO) is developing a 40-hectare residential subdivision in Malvar, Batangas.
In a statement issued Wednesday, the property unit of Investment & Capital Corporation of the Philippines (ICCP) said the residential subdivision will be launched in the fourth quarter of 2019.
It is part of the 250-hectare “live-work” community being developed by its sister firm, Science Park of the Philippines, Inc. (SPPI).
PDO said it chose to expand in Batangas due to the projected influx of locators in the area from Southeast Asian countries.
“With ASEAN integration and the pick-up in the economy, we expect more multinationals and industrial locators to come in and setup in areas outside Metro Manila such as Batangas,” PDO President Rhoel Alberto B. Nolido said in a statement.
PDO currently has several projects around the country, with its first being a 360-hectare township in Cagayan de Oro developed in 1995. Others are located in Mactan, Cebu; San Fernando, Pampanga; and Sto. Tomas, Batangas.
Its residential projects carry the brands La Aldea del Mar, Park Place, and Horizon Residences.
PDO’s expansion comes after its positive performance in 2017, where it recorded a 38% increase in sales to P1.3 billion. Its net income accordingly grew by 130% to P204.4 million, versus the P89.8 million it posted in the same period a year ago.
“We secured further growth potential in the financial year by expanding and improving our portfolio. Our latest acquisitions and collaborations make us confident that we will continue on this course for this year and onward,” Mr. Nolido said.
PDO also cited the need for more housing projects in the country, given the six-million unit housing backlog, according to government data. The company said the backlog is projected to increase to as high as 10 million units by 2030.
“The housing sector must work quickly to produce enough decent homes to make a dent on this huge demand. This is the reason PDO is constantly looking for opportunities to take advantage of this market and develop new and improved housing models which buyers will be proud to own,” Mr. Nolido said.
PDO is part of the ICCP Group, which was established in the country 27 years ago with the DBS Bank of Singapore. The group also has a venture capital unit through ICCP Venture Partners, Inc., and another property firm with SPPI.
SPPI develops industrial parks in the country, with more than 800 hectares of industrial estates under its portfolio. — Arra B. Francia