DAVAO-BASED property developer Damosa Land, Inc. projects a 20% revenue surge in 2024, driven by strong growth across all business segments, its president said.
“Our revenue for the year would grow by about 20% from last year,” Damosa Land President Ricardo F. Lagdameo said during a media briefing on Wednesday.
“We were able to sell quite a bit last year and that was very encouraging,” he added.
Mr. Lagdameo declined to provide the exact figures for its revenue growth, other than describing the company’s financial performance as having already reached its pre-pandemic levels.
“In terms of pre-pandemic financial performance, yes we have already hit our 2019 [figures]; 2019 was really our highest in terms of revenue leading up to the pandemic,” he said.
He said that the main driver for the company’s upward trajectory is the continued growth of the real estate sector.
“From 2022 to 2023, that was actually our big jump. We did about 50% (revenue growth) from 2022. The main driver for that growth is our office leasing, and we were able to sell our house and lot packages, our condos and we saw it is very consistent here,” he added.
The company also saw significant interest in luxury homes, which boosted the company’s revenues, Mr. Lagdameo said.
“The luxury that is really doing well. For high-end luxury we see the same phenomenon,” he said.
For 2024, Damosa Land is allocating approximately P1.5 billion for its capital expenditures, up from P1 billion in 2023.
“Last year was a bit less. This year is about P1.5 billion and last year was a about a billion,” Mr. Lagdameo said.
This year, the company will be launching three more projects: Agriya Gardens, Kahi Estates, and Regus Damosa Diamond.
Agriya Gardens, expected to be launched by March, is the company’s high-end residential community featuring about 13,000 square meters of designed open spaces. Kahi Estates, slated to be launched by April, is the company’s agri-residence in Davao City.
Regus Diamond Tower is the company’s fourth co-working space, scheduled to be operational by June.
Mr. Lagdameo said that while the company seeks to expand beyond Mindanao, its current focus remains on projects and developments within the region.
“I mean it is always something that we have been, again, we have been talking about and strategizing over. But maybe in the next short to medium term, it is really Mindanao where we see our opportunities,” he said. — Ashley Erika O. Jose