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Manila Bulletin devider Business devider Torre Lorenzo allocates P5 B for capex in 2020

Torre Lorenzo allocates P5 B for capex in 2020

Published Apr 13, 2019 12:00 am
By Bernie Cahiles-Magkilat Torre Lorenzo Development Corp. (TLDC) said it will allocate P5 billion in capital expenditure for 2020 with the launch of two new high-end university residences accounting for the bulk of the expenditure. Noel Rapadas, TLDC chief finance officer, said next year’s capex is higher than the P3.8 billion set for this year. Of the P5 billion capex, the Torre Lorenzo Premium University Residences will launch the P1.7 billion university residences projects in Loyola Heights in Quezon and another P1.7 billion in the university belt area in Manila. Rapadas said at the regular TLDC briefing that they are pre-selling the Loyola university residences for P175,000 per square meter, noting that the going rate now in the area is P200,000 per square meter on the average. Normal cuts range from 21.00 to 24.50 square meters per unit. Deliveries are expected 40 months after the launch. Aside from the two university residences projects, Rapadas said they are still looking at expanding developments in Dumaguete, Cebu and Davao but he said these cannot yet be launched in the next two years because they want to optimize the scheduled launches for next year. The university residences projects have been TLDC’s bread and butter having pioneered in the development of condominium for students near universities. In 2018, Rapadas reported a record 28 percent increase in gross revenue generation to P2 billion versus 2017 largely due to the university residences projects. Revenues from the Tierra Lorenzo Premium Lifestyle Developments in Davao and Lipa also allowed the company to grow exponentially. For the next three to five years, Rapadas said they expect to grow by 25 percent year on year. This growth will largely be boosted by its university residences projects. “2018 proved to be a milestone year for Torre Lorenzo Development Corporation,” said TLDC President and CEO Tomas Lorenzo. Lorenzo noted that since last year, the group has expanded its portfolio under its banner groups – Torre Lorenzo Premium University Residences, Torre Lorenzo Premium Residences, Tierra Lorenzo Premium Lifestyle Developments, and TLDC Townships. In 2018, the Torre Lorenzo Premium University Residences expanded with the turnover of Torre Central in the university belt area. Since the turnover of Torre Sur in 2017, TLDC has also been working on the expansion of its Torre Lorenzo Premium Residence. Becoming a full-scale real estate developer, TLDC has strengthened its Tierra Lorenzo Premium Lifestyle Developments outside Metro Manila. This year, the company anticipates the grand openings of its lifestyle developments in Tierra Lorenzo Davao – namely the DusitD2 Hotel, and Dusit Thani Residence Davao. TDLC also awaits the turnover of tis first residential tower in Tierra Lorenzo Lipa, the company’s mixed-use residential and hotel development in Batangas. Apart from the two residential towers, Tierra Lorenzo Lipa will also house the region’s upscale international hotel, Dusit Princess Lipa. In addition, TLDC hopes to bring the full TLDC premium experience to its master-planned townships in Davao this year. The company’s master-planned leisure township Lubi Plantation has opened its Beach Club and luxury villas offering day tours and overnight resort experiences.
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