Property developer books 27% jump in reservation sales to record P1.9B

Listed property developer A. Brown Company Inc. (ABCI) booked a 27 percent jump in real estate reservation sales to hit an all-time high of P1.9 billion last year from P1.58 billion in 2020.

ABCI president and CEO Robertino Pizarro said the developer has focused on strengthening its balance sheet in recent years.

“We are on track for further growth,” Pizarro said.

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.

ABCI looks forward to further growth in 2022 with projects focusing on low-density communities that are environmentally friendly, highlighting health and wellness. 

Properties to be launched include Coral Bay Suites, the first condo by the bay located in Initao, Misamis Oriental; the Teakwood Crest, featuring views of Macalajar Bay, mountains and cityscape in Brgy. Agusan, Cagayan de Oro City; and the Mountain Pines AgroTourism and Retirement Estates, an eco-farm concept located in the foothills of the Kitanglad Range in Manolo Fortich, Bukidnon.

Following its success in Northern Mindanao, ABCI is bringing the same concept to Luzon featuring projects in Tanay, Rizal.

The company’s Adelaida Mountain Residences and Adelaida Homes project features 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.

The real estate company has raised P1.33 billion through a follow-on public offering in the Philippine Stock Exchange (PSE). The fund raising activity last November was 1.33 times oversubscribed.

ABCI has allocated P600 million to fund the development of its real estate projects in key cities in Mindanao and Luzon and P400 million has been earmarked for further strategic landbanking.

“The fund raising activity allows us to maximize opportunities in our real estate business alongside expansion in new growth industries,” Pizarro said.

As National Capital Region and nearby provinces return to eased restrictions, ABCI’s growth can only continue as the residential property market expects a rebound from the Philippine economy opening up once more.