Manila, Philippines -? Federal Land Inc. (Fedland), the real estate arm of taipan George S.K. Ty-led GT Capital Holdings, sees reservation sales hitting P12 billion this year, up 32 percent from P9.1 billion in 2011 as the country?s residential property market continues to experience steady growth.
Jose Mari H. Banzon, executive vice-president and general manager of Federal Land, said the company has already booked P8 billion in reservation sales for the January-July period, on track to realizing its yearend target.
?Our goal is to hit P1 billion in reservation sales a month,? he said.
To take advantage of a buoyant property market, the company would launch six projects in the second half, located in Fort Bonifacio, Binondo, Quezon City, Cavite, Paco Manila and Cebu.
Banzon said the company is building Central Park West, the second residential tower within its 10.4-hectare large scale mixed use complex in Bonifacio Global City. The project?s centerpiece is the 66-story Grand Hyatt Hotel which is touted to become the tallest building in the country.
Slated for completion in 2014, The Grand Hyatt Hotel would have 400 rooms and provide 40,000 square meters of premium grade office space. It would be managed by the Hyatt Group, a leading global hospitality firm.
The first six floors of the main skyscraper would house the hotel podium and ballroom while grade A financial and corporate offices would occupy the eighth to 30th floors. The upper floors to the penthouse levels, on the other hand, would comprise luxury suites and other hotel amenities.
Banzon said the company is also targeting to grow the share of rental operations to total revenues to 25 percent from the current 10 percent.
As of Dec. 31, 2011, Fedland had an available landbank of 100.7 hectares, of which 97.3 hectares are owned. The company believes its existing landbank would be sufficient for development over the next 20 years.
To attract a wider clientele base and increase its recurring income, Fedland is stepping up the development of its current portfolio of masterplanned communities that combine stand-alone high and mid-rise residential condominiums and mixed-use developments.
The company also intends to focus on developing office facilities catering to the business process outsourcing sector within its areas.
Its current portfolio includes the Grand Midori Makati, Bay Garden Club and Residences, Riverview Mansion and Four Season Riviera in Binondo, the Oriental Place in Makati and The Capital towers in Quezon City.? Fedland also operates the five-star Marco Polo Hotel in Cebu.
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Source: http://philippinerealestatenews.blogspot.com/2012/08/federal-land-sees-p12-billion-sales.html
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