SY-LED Belle Corp. said it will resume its real-estate development activities, after being preoccupied with the opening of the $1-billion integrated resort and casino City of Dreams Manila.
Willy Ocier, the company’s vice chairman, said Belle is planning to spend P3 billion to complete some of its developments in Tagaytay.
Ocier said it will complete the last phase of its Lakeside Fairways and its 27-hole golf course in Tagaytay Midlands in Batangas.
Last year the company spent P2.78 billion, most of which was also spent on property development.
Belle said it is now on its seventh phase of Lakeside Fairways apart from the nine holes of Tagaytay Midlands golf course. Both projects are expected to be completed in 2015, he said.
The company is also targeting to complete its Sycamore Heights, a 26-hectare gated community being developed into a 336-residential development averaging 352 square meters per lot.
As of end-2014, the project is 62-percent complete. Belle, which owns half of City of Dreams Manila, has been into property development in Tagaytay City and Batangas since 1989, launching 19 real-estate projects, two golf clubs and one country club, out of its 600-hectare property.
The company said its profit last year was down by 30 percent to P2.56 billion from the previous year’s P3.64 billion, as a result of lower nonrecurring gains. In the previous year, it had higher profit due to transactions covering the lease by Melco Crown Entertainment of the City of Dreams Manila and the share-swap of Highlands Prime Inc.
Excluding nonrecurring items, Belle’s consolidated net income would have increased by approximately P464 million, or 81 percent, to P1.04 billion in 2014 from the previous year’s P572 million, the company said.
Gross revenue reached P3.16 billion, higher by 21 percent compared to P2.62 billion in 2013 due to the consolidation of Pacific Online revenues starting in June 2014 totaling P1.03 billion and higher interest income on finance lease amounting to P231.6 million.
There were also higher sales of real-estate and club shares amounting to P125 million, gaming income share from City of Dreams Manila by Premium Leisure Corp. amounting to P38.8 million, and dividend income from SM Prime Holdings Inc. amounting to P22.4 million.
“The increase in gross revenue was offset by the nonrecurring Termination Income in 2013, amounting to P949.6 million,” the company said. Gross revenue from sales of real-estate and club shares for the period at P300.3 million was higher by P125 million compared with P175.3 million the previous year.