• Torre Lorenzo to launch 5 projects this yr

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    DEVELOPER Torre Lorenzo Development Corporation (TLDC) will launch five new projects this year, including three mixed-use developments in different provinces, a condominium tower in Manila and a hotel, the company said.

    The Tierra Lorenzo Lipa, a mixed residential, hotel and commercial development that will be launched this year in Lipa, Batangas by developer Torre Lorenzo. PHOTO: TORRE LORENZO DEVELOPMENT CORP.

    TLDC Chief Executive Officer and President Tomas Lorenzo on Tuesday said the company is scheduled to launch the three Tierra Lorenzo projects in Lipa in Batangas, San Fernando in Pampanga, and Dasmariñas in Cavite.

    The Lipa project will be a three-building project comprising a condominium tower, a hotel, and retail spaces. The San Fernando project will be a similar development, offering one-bedroom units ranging from 31 square meters to 42.75 square meters.

    TLDC broke ground for the Lipa project last June, while Tierra Lorenzo San Fernando and Dasmariñas are still in the planning stages.

    Also to be launched this year are the 45-story Torre Lorenzo along Malvar Street in Manila, which is set to cater to the student market in the area.

    Apart from its residential offerings, the company said it would also launch the second hotel under its T Hotel brand in Pampanga.

    In addition to its project launches this year, the company is also set to turn over about 1,700 residential units in two completed projects, the Torre Central project near the University of Sto. Tomas in Manila, and the Torre Sur project in Las Piñas.

    Lorenzo also said that the firm is planning to launch eight projects in 2018, which will include five towers under its Torre Lorenzo brand and a high-end residential development in the Malate area of Manila.

    5-yr plan

    TLDC Chief Financial Officer Emmanuel Rapadas told reporters that the company is planning to spend P30 to P32 billion through 2020 for its capital expenditures.

    “In the next 10 years, we’re looking at a total investment of about P60 billion. And in the next five years, leading to 2020, we’re looking at anywhere between P30 to P32 billion in capex spent,” Rapadas said.

    Rapadas said the developer is committing at least P6 billion to P7.5 billion for the development of the projects to be launched this year.

    “For this year, the total project disbursement estimate is about P2.5 billion, but we’re committing at least P6 billion for the [five]projects to be launched this year,” he said.

    Rapadas explained the capital expenditure is part of the company’s five-year plan, dubbed the “2020 Vision,” with a goal of completing 20 projects by 2020.

    Another part of the plan is to boost the company’s recurring income by retaining a number of residential units for leasing, as well as maximizing commercial space both for community amenities and to provide additional rental income.

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