PHILIPPINE Estates Corp. is ramping up its residential developments across Luzon and the Visayas amid renewed consumer confidence and following a positive financial turnaround in the first half of 2025.
In a quarterly report filed last Friday, the listed real estate firm said net income in the first six months of the year surged to P299.43 million from P0.16 million, lifted mainly by compensation from the government’s expropriation of its Iloilo properties.
This erased a deficit of P221.30 million as of end-December 2024, bringing its retained earnings to positive territory at P78.13 million.
While the company recorded a net loss of P4.18 million in the second quarter due to a 33.75 percent drop in quarterly sales, management said it remained bullish, citing stronger project pipeline activity and healthy financial metrics.
“The seemingly improving economic situation has already translated into a significant buying mood for the real estate market,” the company said in a stock exchange filing.
To support its aggressive rollout, Philippine Estates has set aside P550 million in capital expenditures for upcoming projects, with P300 million allocated to fast-track developments in Sta. Maria, Malolos, and Iloilo while P250 million will be invested in the next phase of its Wellford Residences Mactan condominium project in Cebu.
Funding will be sourced from sales and proceeds from the the expropriated Iloilo properties.
In Luzon, the company is actively expanding in Bulacan and Cavite. It is processing the development permit for Wellford Homes Santa Maria, a 14.9-hectare mixed-use project. It is also preparing to launch two new horizontal communities: the 19.7-hectare Winfields Village in Tanza, Cavite and the 10-hectare Wellford Homes Balagtas in Bulacan.
In Cebu, Phase 1 of Wellford Residences was completed in July last year with nearly 50 percent of units said to have been sold. The company said it was preparing to launch the second tower, Washington Building.
For its horizontal housing projects, Pacific Grand Townhomes and Pacific Grand Villas Phases 1 to 3 were said to be sold out, prompting the release of additional lot-only inventories plans to introduce new house-and-lot packages.
Planning for Phase 5 is underway pending the lifting of Lapu-Lapu City’s moratorium on new residential developments.
In Iloilo, it said construction was progressing at Wellford Homes at Jaro Grand Estates Phase 3, with underground utilities being installed. Road alignment works have been completed while backfilling and site preparation are said to be ready for full-scale construction.
The company claimed that sales were “promising” following the recent issuance of an amended license to sell and certificate of registration.
Other Iloilo projects — such as Costa Smeralda, Chateaux Geneva, and Jaro Grand Estates Phase 3 – Parcel A — were also said to be nearly sold out and company was now exploring the feasibility of a commercial development in the Mushroom Area of Jaro.
Philippine Estates shares last traded at P0.285 apiece on July 31.
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