Torre Lorenzo is still looking for an IPO

Torre Lorenzo Development Corp. (TLDC) is still seeking an initial public offering (IPO) to further expand its real estate portfolio, an official said on Friday.

“I think right now we really want to build our organization and prepare for the IPO,” Cathy Casares-Ko, TLDC’s chief operations officer, told reporters on the sidelines of a launch event.

“If you want to go public, you have to have a really good story. So, [this] contributes to the story, we build it… but it’s still on the table. We want the growth to be more stable before going to market,” added Ms. Casares-Ko.

In 2018, the company announced that it was considering raising capital as it aims to grow at the same pace as other real estate firms in the market and aims to be listed between 2020 and 2023.

In 2020, the company also announced that it was considering a real estate investment trust for its real estate portfolio.

On Friday, the Company announced that it will develop the west tower of its Torre Lorenzo Loyola property in close proximity to the 36-story Torre Lorenzo Loyola East Tower in Loyola Heights, Quezon City.

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The new project will include up to 500 units within the new residential tower. It will also offer quality amenities for residents.

Meanwhile, the company announced that it had sold and delivered approximately 90% of the property’s P1.9 billion east tower project.

The project comprises a total of 654 units, with the studio types measuring 21 to 28 square meters (m²) and the one-bedroom units measuring 38.3 m². up to 47.5 sqm

The Company also announced its plan to expand its integrated development in Tierra Davao with the addition of a residential property, the Crown Residences, and an office and commercial center.

The developer is carrying out expansion measures at its Dusit Thani Lubi Plantation Resort in Davao de Oro.

In the first half of the year, the company more than doubled its reservation revenue compared to the same period last year. This corresponds to 71% of the annual target. – AH Halili