David Rafael, the company’s president and CEO, said its reservation sales surged following the easing of community lockdowns and has averaged 80 percent of its original targets.

“We are attributing this to a shift in our customers’ preferences towards houses and lots in next-wave cities, as bigger living areas, open spaces and amenities become more essential for work-life balance for people in quarantine,” he said.

The community quarantine has created shifts in residential real estate preferences, with homes in suburban locations becoming more attractive to property seekers, the company said, quoting reports from property consultancy firms.

“Our residential developments are all borne out of a clear understanding of the market’s desire to live better and more sustainably. They are characterized by a superior master plan with signature features like greenbelts or natural green open areas and a network of walkable spaces and amenities. We believe that this is what people are looking for right now,” Rafael said.

After two decades in Cebu development projects, the company began its expansion in Luzon in 2017 with Seafront Residences, a 43-hectare seaside community in San Juan, Batangas. After launching several communities in Central Luzon under its mid-market flagship brand, Ajoya, it continued its growth in the South with a fully-integrated community, Villages at Lipa in Batangas.

For January to June, AboitizLand reported a net loss of P39 million, a reversal of the P60-million income it recorded last year.

Revenues fell 20 percent to P1.1 billion from the previous year due to lower sales for its residential business, as it felt the impact of the slowdown and restrictions in operations resulting from the government-imposed community quarantines.

The projects’ percentage of completion, driven by the construction progress, is a key factor in the recognition of revenue. The company’s construction activities were brought to a standstill during the second quarter of 2020, it said earlier.

Source: Business Mirror