PROPERTY developer Federal Land, Inc. is bullish about its year-end performance led by its residential portfolio, its top official said.
“We’re doing great. 2019 was our best year ever. And as of end-October, we’ve already exceeded 2019 numbers. We’re very optimistic about the year-end numbers,” Federal Land, Inc. President William Thomas F. Mirasol said on the sidelines of BusinessWorld’s economic forum in Taguig City last week.
“Our growth drivers continue to be what it was always been — it’s residential, particularly in the mid- and high-end [segments],” he added.
For next year, Mr. Mirasol disclosed that Federal Land is eyeing to launch developments in areas such as Mandaluyong City, Bonifacio Global City (BGC), Cebu, Pasay City, and Cavite.
“These [projects] are mixed-use. There is always a residential component and there will always be a bit of retail and commercial components,” Mr. Mirasol said.
According to Mr. Mirasol, Federal Land launched 10 projects this year. Some of these projects are the second tower of The Grand Midori Ortigas residential project in Pasig City launched in July, the Federal Land Communities that offer multi-use developments, and the first Mitsukoshi mall in BGC.
Federal Land is the wholly owned property unit of Ty-led conglomerate GT Capital Holdings, Inc.
For the nine months through September, it logged a 176% increase in core net income to P1.9 billion while its total revenues rose 6% to P13.2 billion.
Shares of GT Capital were last traded on Nov. 24 at P560 per share. — Revin Mikhael D. Ochave