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Pueblo de Oro Ramps Up Expansion in Batangas

 

MANILA, Philippines — Pueblo de Oro Development Corp. (PDO), the residential development arm of the ICCP Group, is ramping up its expansion in Batangas as it hitches a ride on the growing residential house and lot market in the country.

Lastyear, the company grew its net sales by 38 percent to P1.3 billion, resulting in a 130 percent growth in net income to P204.4 million from P89.8 million a year ago.

This is a validation of the company’s strategy to focus on the residential market, said PDO president Prim Nolido.

“We secured further growth potential in the financial year by expanding and improving our portfolio. Our latest acquisitions and collaborations make us confident that we will continue on this course for this year and onward,” he said.

Nolido said there is a six million-unit housing backlog in the country, which is projected to increase to 10 million by

The company, he said, would constantly look for opportunities to help fill the backlog.

“The housing sector must work quickly to produce enough decent homes to make a dent on this huge demand. This is the reason PDO is constantly looking for opportunities to take advantage of this market and develop new and improved housing models which buyers will be proud to own,” he said.

Toward this end, the company is developing a 40-hectare residential subdivision in Malvar, Batangas.

Development will commence by the fourth quarter of 2019, he said.

“This will be part of a 250-hectare ‘live-work’ community that will be developed by our sister company, Science Park of the Philippines Inc.,” Nolido said.

The company expects ASEAN integration and the pick-up in the economy to lure more multinationals into the country.

This, he said, would encourage industrial locators to come in and set up in areas outside Metro Manila such as Batangas.

PDO’s first project is a 360-hectare township in Cagayan de Oro which it launched in 1995. It has since grown its property developments in key cities around the country.

It has expanded in Mactan, Cebu where it opened La Aldea Buena in 2004 and La Aldea del Rio in 2007. These were followed in 2010 by the 30-hectare Pueblo de Oro San Fernando, Pampanga, which is a collection of three private and gated villages.

 

Reference: Philstar