Listed firm A. Brown Co. Inc. said its boutique property development unit will replicate its Mindanao mixed-use development in its property in Tanay, Rizal as the company observed a shift in market demand towards horizontal developments.
The company said will have mixed-use development in its Tanay property, which will have an upscale residential estate, a themed restaurant, a hotel and a condominium. Another 15-hectare property in the area is designated for the economic and socialized housing with a commercial space frontage, the company said.
The company said its property is surrounded by the natural habitat of century-old trees and has a view of Laguna Lake and the Sierra Madre mountain range.
“Our focus has always been on properties that underscore healthy, environment-friendly and low dense communities with a focus on city, mountainside, agricultural, golf and sea resort, and lifestyle developments,” Robertino E. Pizarro, the company’s president and CEO, said.
“We look to continue to deliver excellent value for money developments alongside our core competence of building quality homes and pioneering real estate concepts,” Pizarro said.
“As we venture outside Mindanao, we will continue to pursue real estate products that are built for the long term – providing security, safety, healthy environments to create happy communities,” he said.
The company claimed it pioneered the master planned mixed-use community concept in Northern Mindanao and is now looking to further develop more properties that follow the concept of healthy, environment-friendly and low dense communities.
The boutique developer has a land bank of 293 hectares in good locations and is well-positioned to take advantage of the demand for its trending properties.
Last year, the company posted a record P1.5 billion in reservation sales last year compared the P1 billion it recorded the previous year.
Property consultant Santos Knight Frank said pandemic has brought significant positive growth to the supply of the house and lot market in Cagayan De Oro, the site of the company’s previous development.
Although the growth slowed down in 2020 by 30 percent to 508 new units in 2020 from 726 new units in 2019, the market supply grew by an additional 252 percent as of July 2021, prompting developers like A. Brown to pursue further development for its projects.
The company is currently offering its preferred shares next month. It already applied to amend its articles of incorporation to have an authorized capital stock of P3.3 billion, divided into 3.25 billion common shares and 50 million in preferred shares both at a par value of P1 apiece.
PNB Capital and Investment Corp. was appointed as its sole issue manager, lead underwriter and sole bookrunner.
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