Profriends Group Unveils New Products
- Profriends Group Inc., holding company of one of the country's fastest growing real estate developers Property Company of Friends, Inc. (PRO-FRIENDS), recently announced the launching of six new house models for its flagship project, Lancaster New City. "We always talk about having a deep understanding of our home buyers that is why we engage in heavy research to learn about their changing needs. As a result of this, we again introduced new house models after the last batch three years ago," shared Profriends Group chairman and chief executive officer Guillermo Choa.
Lancaster New City currently straddles the towns of Kawit, Imus and Gen. Trias in Cavite and saw a dramatic increase in sales when accessibility was made easier by the opening of Cavitex in 2011. The launch of the new house models at prices ranging from P1 million to P3 million boasts of at least three bedrooms and two toilets and baths at floor areas of 50 up to 110 sq.m. "Response was very encouraging as we saw more than 250 reservations on the day the new models were unveiled," says Mr. Choa.
Also, PRO-FRIENDS subsidiary Micara Land Inc. launched its first housing project in Tanza, Cavite to tap the lower economic housing segment for house and lot packages that will be sold at P600,000 to P800,000. Mr. Choa adds that venturing into a different market was well-thought and supported by actual demand for housing. "Studies have shown that the housing backlog for economic to low cost housing is at 2.5 million. At P800,000 per house, we are talking about a P2 trillion market that is waiting to be served because these are people who need a house and have the capacity to pay." Micara's project in Tanza is currently more than 70 hectares in size and will follow the same business model of providing easy access to the needs of its home owners – the live-learn-work-play-worship lifestyle.
"There are more launches in the offing and we expect these, together with the recent ones, to complement the growth trajectory that we have been experiencing and set for ourselves to sustain in the coming years," says Mr. Choa. Profriends Group reported a net income of P1.9 billion for the first six months of the year, representing a 28% increase over the same period in 2013. Its estate model allows it to achieve increased margins over time through economies of scale. Having completed its retooling efforts in 2013 to meet growing demand, its gross margin, which averaged 53.11% over the past three years, is now at an improved level of 55.27% for the first half of 2014.
"We are very selective and deliberate in the design and execution of our projects," says Gerry. "Our land bank of over 1,800 hectares are mostly located outside of the city but very close to it. This makes our projects very accessible to and, most importantly, very affordable for our home buyers because we understand their needs and ensure we address it."
About PRO-FRIENDS Group Inc.
PRO-FRIENDS Group Inc. was incorporated in April 2013 in Mandaluyong City, Philippines, primarily for the purpose of investing in and managing its subsidiaries, and be able to integrate and optimize its diverse resources across businesses to ensure sustained profitability.
PRO-FRIENDS Group Inc., through its subsidiaries, is in the business of real estate development and sales, retail and office space leasing, and consumer finance. PRO-FRIENDS Group Inc. owns 100% of PRO-FRIENDS, one of the fastest growing property developers in the Philippines, having built over 36,000 quality and affordable housing units in Cavite and Iloilo since its inception in February 1999.
PRO-FRIENDS Group Inc. has an experienced management team with extensive operational and management experience in real estate development, housing finance, and mortgage and investment banking. PRO-FRIENDS Group Inc. also owns financing arm Williamton Holdings Inc.
For more information, please contact:
Edilberto Magat Jr
Tel: +63 917 5638204
Gayleen Dela Cruz
Tel: +63 9178109076
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