Torre Lorenzo Development Corp., the real estate arm of the Lorenzo family, is spending P30 billion to P32 billion to finance the construction of 22 projects until 2020.
“We think out of the box. We want to be ahead of everybody else. We want to be different. So we’ve come up with new offerings and new products. We don’t just do university residences, anymore,” TLDC president and chief executive Tomas Lorenzo said in a news briefing in Makati City Tuesday.
TLDC chief finance officer Emmanuel Rapadas said the company expected to post gross revenues of P60 billion from all 22 projects.
Rapadas said the company ended 2016 with P2.4 billion in gross revenues and expected a 29.2-percent growth in revenues this year to P3.1 billion.
Lorenzo said this year, the company was set to turn over four to five projects to buyers, including Torre Central near University of Sto. Tomas in Manila and Torre Sur near University of Perpetual Help in Las Piñas City.
The company plans to open Torre Malvar, a 45-story residential building near UP Manila and St. Paul’s College Manila in 2018.
“This is a project that we’re all excited about because we gave everything for this project. Everything that will make living away from home like home with all the necessary security details and amenities a student requires for a comfy stay,” Lorenzo said.
The company has three development models including university residences; stand alone, mixed-used buildings; and townships carrying the Tierra Lorenzo brand.
“For Tierra Lorenzo, we have a bigger footprint. We are hitting the returning residents market who have no idea that they will be returning to their home provinces where they grew up. We have several of those lined up,” said Lorenzo.
TLDC also diversified into developing its own signature hotel brand, the T Hotels after it started the development of Dusit’s four-star D2 Hotel and the five-star Dusit Residences in Davao City. The Dusit brand development is the single biggest project of the company so far at P4.1 billion for both the residences and the hotel.
The first of the two T Hotels is rising in Lipa City, Batangas while the second one will be in Pampanga.
Rapadas said the company aimed to grow the share of leasing business in total income to 15 percent in 2017 from 10 percent in 2016.
