By Arra B. Francia, Reporter
TORRE Lorenzo Development Corp. (TLDC) looks to generate P7 billion in revenues by 2023, more than triple than what it booked in 2018.
The property developer has plotted to grow by 25% annually over the next three to five years, driven by its continuous expansion in Metro Manila as well as in the provinces.
This year alone, the company is targeting P3.8 billion in revenues, almost double the P2 billion it posted in 2017.
“We’ve gone from our product line of premium university residences to premium residences, to our Tierra Lorenzo mixed use developments outside Metro Manila to our townships. We expect more this year, because we’re ratcheting up more of these developments,” TLDC President and Chief Executive Officer Tomas P. Lorenzo said in a press briefing in Makati on Wednesday.
TLDC Chief Finance Officer Noel A. Rapadas said they will be spending P3 billion in capital expenditures this year, mainly to support the construction of its projects in the pipeline.
The company is currently constructing Torre Lorenzo Malate, a 45-storey condominium targeted toward young professionals that is scheduled to be completed by 2022. It will also break ground for Torre Lorenzo Loyola within the next few weeks, marking its first university condominium for Ateneo de Manila University students.
Selling prices in Torre Lorenzo Loyola are pegged at P175,000 per square meter. Mr. Rapadas noted that their prices are 10-20% higher than competition, since they offer amenities specially catered toward students such as study lounges, sports facilities, and safety and security features.
Asked if the company is also taking its university residence concept to the provinces, Mr. Rapadas said they are still scouting for new locations.
“We’re looking at locations in Dumaguete, Cebu, and Davao. But at the moment for the next three years, nothing firm. We want to optimize what is available in Metro Manila,” Mr. Rapadas said.
TLDC is also set to start turning over units in Tierra Lorenzo Lipa by the second half of the year. Tierra Lorenzo Lipa will house two residential towers and a hotel carrying the Dusit Princess Lipa brand.
Meanwhile, Mr. Rapadas said they will be launching another hotel project in San Fernando, Pampanga within the year, although they have yet to name the hotel operator. The company will also be launching two more university residence projects in 2020 located in Loyola Heights, Quezon City and within the University Belt Area in Manila. The second Loyola project is seen to cost P1.7 billion, while the other project along University Belt will cost about P1.7-2 billion.
Aside from university residences and lifestyle developments, the company is also developing townships, or mixed-use developments near city centers. Its first project of this kind is the Lubi Plantation in Davao, which has already opened its Beach Club and luxury villas that offer day tours and overnight resort experiences.
