SOCResources Inc. of the Puyat-Reyes Group said it expects to generate P8 billion in sales from three upcoming residential projects that it plans to launch.
SOCResources chairman Edgardo Reyes said in an interview Friday at the sidelines of the company’s 25th listing anniversary with the Philippine Stock Exchange the company would soon launch new residential projects in Quezon City, Baguio and Taft Ave.
SOCResources, formerly South China Resources Inc., was originally incorporated on September 25, 1992 to engage in oil and gas exploration, development and production.
“Our new projects in Quezon City, Baguio and Taft Avenue will generate P8 billion worth of inventory. These projects are all in the planning stage and we all have secured the properties for these projects,” Reyes said.
The Quezon City and Baguio projects are mid-rise developments while Taft Avenue is a high-rise tower.
Reyes said the company would launch additional real estate projects after a successful venture into the property development in 2011.
SOCResources through real estate unit SOC Land Development Corp. launched a P4.5 billion, four-tower project called Anuva along South Luzon Expressway in Muntinlupa with total inventory of 2,000 units.
It then ventured in horizontal development in Biñan, Laguna which offered 350 units of medium-priced single detached homes.
“These ongoing projects will produce about P7 billion in revenues for the company,” said Reyes.
SOCResources is also venturing into large-scale agro-industrial development.
SOCResources, in partnership with Palawan Indigenous Peoples group, will develop a 3,200 hectare agro-forestry project that will result in the large scale production of coffee, coconut, abaca and other fruit trees.
Reyes said the group will initially invest P500 million to develop the project.