A BROWN Co., Inc. reported record real estate reservation sales of P1.9 billion in 2021, or up 27% from the previous year, mainly from property projects in Mindanao.
“The key contributors to the record reservation sales were projects based in Northern Mindanao. These consist of Coral Resort Estates, the first residential resort estate in Initao, Misamis Oriental, which highlights units of Balinese architectural style overlooking the sea and Ignatius Enclave Phase 2, a premiere gated subdivision in Upper Balulang, Cagayan de Oro, which features a clubhouse and park,” the company said in a disclosure on Thursday.
The real estate developer said it is looking forward to “further growth” in 2022 with projects that focus on low-density communities, which are environment-friendly and highlight health and wellness.
In Mindanao, properties in the pipeline include Coral Bay Suites, the first condo by the bay in Initao, Misamis Oriental; the Teakwood Crest in Brgy. Agusan, Cagayan de Oro City; and the Mountain Pines AgroTourism and Retirement Estates, an eco-farm concept located at the foot of Kitanglad Range in Manolo Fortich, Bukidnon.
The property firm said it is planning projects in Tanay, Rizal. Adelaida Mountain Residences and Adelaida Homes project will “feature lots and housing units together with a commercial frontage, all of which is surrounded by the natural habitat of century-old trees and a view of Laguna Lake and Sierra Madre.”
In November, the company raised P1.33 billion from the issuance of Series A preferred shares in a follow-on public offering at the Philippine Stock Exchange.
This fund raising was the first time the company tapped the capital markets since its stock market debut in 1994.
A Brown also said it would allocate P600 million to fund the development of real estate projects in Mindanao and Luzon, and would earmark P400 million for further strategic land banking.
“The fund-raising activity allows us to maximize opportunities in our real estate business alongside expansion in new growth industries. In recent years, A Brown has focused on strengthening our balance sheet. We are on track for further growth,” A Brown President and Chief Executive Officer Robertino E. Pizarro said.
The company said its growth “can only continue as the residential property market expects a rebound from the Philippine economy opening up once more.”
“The turnaround in business and consumer confidence will help propel the take-up in real estate as returning professionals adapt to the new normal,” it added.
In the third quarter of 2021, A Brown’s attributable net income was up 68.1% to P142.2 million from P84.6 million in the previous year.
From January to September last year, attributable net income increased by 23.4% to P368.1 million from P298.2 million in 2020. — Luisa Maria Jacinta C. Jocson
