Property Company of Friends Inc. (Pro-Friends), the country’s leading developer of low to medium mass housing projects, posted a 30 percent increase in revenues for fiscal year 2013 to P7 billion from P5.4 billion the previous fiscal year and expects another double-digit growth this year as the company expands to Mindanao.
Richard G. Tay, Pro-Friends vice-president for sales and marketing, told reporters the company also posted a net income of P2.1 billion in 2013. It posted 30 percent growth in revenues in 2012 over 2011.
“We also expect double digit growth this year,” he said. The company’s fiscal year starts in May and ends in June.
Tay said that it will start the Mindanao project this year to help ease the housing backlog there. Nationwide housing backlog is placed at 3.9 million units.
Tay, however, refused to identify the exact location of its Mindanao development and the project cost saying the company is still consolidating some lands in Mindanao to come up with a critical mass of not less than 50 hectares.
The Mindanao project, he said, will stay within its price offering of between P1 million to P3 million package per unit.
According to Tay, Pro-Friends has entered Mindanao because of the strong demand there, especially in the highly urbanized cities in Mindanao. The company has already entered the Visayas market with two projects in Iloilo.
So far, Pro-Friends has already completed 16 projects mostly in Cavite where the company has concentrated its massive landbanking. It has also 11 ongoing projects.
According to Tay, some of its projects are being funded through the three note floats it conducted in the past three years. It has P1.5 billion float in 2011 and another P3 billion in 2012.
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