MANILA, Philippines — Progressive real estate developer Torre Lorenzo Development Corp. (TLDC) posted higher revenues in 2021 on the back of a more optimistic business environment and improved take-up of condominium units toward the end of the year.
The pioneer in university residences recorded an 8.79 percent increase in gross revenues compared to the same period in 2020.
“Even amid the disruptions brought about by the pandemic, TLDC remained bullish and focused on achieving its business goals,” said chief finance officer Emmanuel Rapadas. “Throughout 2021, we maintained our capex spending of about P1.17 billion to construct on-going projects, launched a new project in Lipa, achieved turnover status for two of our premium residential developments in Manila, and put in place our strategy toward business recovery.”
Despite a volatile environment, the company continued to strengthen its portfolio in 2021. TLDC turned over move-in ready units in 3Torre Lorenzo and Torre Lorenzo Malate in Manila. Following the success of its first tower in Tierra Lorenzo Lipa, TLDC launched a second premium residential tower with thoughtfully designed units catering to young investors in the South. Construction is also in high gear for Torre Lorenzo Loyola in Katipunan, Quezon City as the company topped off its 35-story residential tower located right across Ateneo de Manila University.
Consistent with forecasts of rebound in real estate this year, TLDC anticipates its sales performance to strengthen in 2022 as the opening of offices and schools drums up the demand for condominiums near CBDs and universities.
During the pandemic, TLDC transformed its spaces to cater to the new normal. Early on, it established strict protocols to prioritize the health and safety of its residents. All buildings have designated delivery areas to avoid gathering in lobbies. It ensured improved air circulation in common areas through hospital-grade air purifiers. It pivoted to digital channels for marketing and client transactions. The company is also designing its amenities to serve the changing lifestyle of its residents including open spaces for rest and relaxation, conducive work and study areas, shuttle service, and a pet park.
“For the past five years, we have achieved an annual revenue growth rate of 25 percent,” said Rapadas. “Given the reopening of the economy and resumption of business activities, we are confident that we can grow the company’s revenue at an average of 35 percent over the next five years.”
TLDC and its subsidiaries currently has a residential inventory of P6.1 billion available for sale across 10 active projects in Manila, Batangas and Davao.
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The article was originally published in PhilStar Global.
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