THE COVID-19 pandemic has had a great impact on the country. One sector that was badly hit by the pandemic was the construction industry as well as infrastructure and real estate projects. These have reportedly experienced setbacks due to slowing done if not total stoppage of work projects.
However, Tomas Lorenzo, President and Chief Executive Officer of Torre Lorenzo Development Corporation (TLDC), sees a lot of opportunities, milestones included, amidst this pandemic.
With many ongoing projects, Lorenzo believes that he and his peers were able to plan well and ahead of time, not necessarily for the health pandemic but for any possible setbacks that may affect the industry. Citing Collier’s and Leechiu’s published researches and forecasts, Lorenzo said the real estate players are still here.
“Even my friendly competitors, I think, are also looking at a long-term view. They are making sure that they are ready when the market turns around. And they are still selling. Maybe some segments of the market have slowed down but real estate is so broad. In fact, very broad, there are even subcategories. I think some may have channeled their time and energy to projects they’re working on and maybe slowed down on the others. But overall I haven’t really heard of anyone really struggling,” he said.
25 reputable years in the real estate business
AS for TLDC, Lorenzo said, the company has been operating all throughout the pandemic up until now that Filipinos are slowly seeing the light at the end of the tunnel with the vaccine rollout.
“We’ve been doing real estate for 25 years and we’ve been through so many crises, financial crisis included, so weathering lang to e. Real estate is long-term. It’s like farming, when you plant you don’t get the harvest until four or five years. The same thing with real estate. So, I said if this pandemic lasts for one or two years, we’ll be wasting time if we’re not doing anything. Our plans continue,” he said.
With an optimist and visionary leader, it does not come as a surprise that TLDC has firmly established itself as one of the leading and most progressive real estate companies in the industry.
From successfully finding its niche market and keeping its flagship projects of premium university residences in the Philippines, TLDC diversified and added master-planned townships, lifestyle developments, and partnerships with global hospitality firms in its portfolio. The company has been doing all these non-stop, even in the midst of the pandemic.
“Yes, we never stopped. All our projects are ongoing. You know why? When I look out for something, I think in three to five years. And when I look back, I don’t want to be the one to say sayang I should have done that. So you have to look at yourself, or another way, isipin mo what were you doing five years ago, what you should have done five years ago? What was the Philippines like five years ago?” Lorenzo explained.
The transition from banner year to pandemic
FROM its milestone years of 2018 and 2019, TLDC’s strong fundamentals helped weather the worst of the pandemic in 2020.
“Yes, 2018 was a banner year for us. In 2019, we had a lot of projects running. With the pandemic, the first thing we did was to plan for the worst and involve everybody. What if it is for long? What do we do? So, we came up with our plans, and thank God our sales continued. Of course, it was less than pre-pandemic, but we were able to transition to online selling. We were actually doing 40% online in some projects before the pandemic. We took that as a cue and we converted everything online.”
“That helped. We were able to sell last year and even up to now. Some projects moved faster, some slowed down. But since we’re allowed to conduct work within the projects, tuloy-tuloy pa rin. Whenever the lockdown eases, our sales also go up. That’s why this year we are turning over three projects – Torre Lorenzo Malate near the UP-PGH area, 3Torre Lorenzo near CSB in Taft, and the third, Dusit Thani Residence, in Davao,” the amiable CEO explained.
He added that he was happy that the company was able “to thrive and survive the virtual work set up, skeletal workforce and the limitless Zoom meetings for both employees and buyers.”
“In fact, I have more meetings nowadays than before. Thanks to Zoom meetings which have kept us all safe from the virus but has kept us in touch all the time,” he said.
True enough, 2018 saw the growth of TLDC with more premium university residences projects along with Torre Lorenzo Premium Residences, Tierra Lorenzo Premium Lifestyle Developments, and TLDC Townships. Torre Central in the University belt area was turned over in 2018 followed by the groundbreaking of Torre Lorenzo Loyola. “We’re still working on Torre Lorenzo Loyola, it’s on its 26th or 27th floor already. We’re also doing more projects in the University Belt area,” the CEO revealed.
Most importantly, TLDC makes sure that its properties – especially the residences for students – are the safest place to be. Even before the pandemic, TLDC makes it a point that every development has generous living, learning, and recreational spaces to support a healthy academic and social life. These include collaboration spaces, WiFi-enabled study areas, high-end gym facilities, indoor pool for health and fitness, multipurpose function rooms, a basketball court, sky deck garden, exclusive study rooms and a visitor’s lounge.
Optimism despite the pandemic
SENDING good vibes and an air of optimism throughout the exclusive interview with Business Mirror, Sir Tomas, as he is fondly called by his co-workers, says he’s seen previous crises and wide-scale economic shocks before.“I got depressed in 1988 during the Asian financial crisis.
And I only had one building at that time. Oh my God, I said, why is this happening to us? It was like I was about to finish a building. But then you know what, we weathered that, e, and then tuloy pa rin. Then came the financial crisis in the US in 2008 which I thought was going to be really bad. But it turned out to be really good. Because what happened was, all the money from America went to the Philippines. That’s how the BPO started. The BPOs started transferring to Asia because it was cheaper in Asia. It’s always a balancing act.”
“I always tell my people that there are a series of milestones in this crisis. One milestone is when a vaccine is proven. The next is when the vaccine starts to be distributed anywhere in the world. Because then, the narrative changes – it’s like ‘may pag-asa pa ba to?’ to ‘may pag asa!’ Finally, there’s a solution, hintay na lang tayo. And true enough when the first vaccine arrived in the Philippines, we considered it a spike in sales because people say pwede na ko bumyahe. There is that feeling na gumaan yung loob nila even if halfway on ground around the world.”
“The next milestone is when the first vaccine arrived in the Philippines. Ganun yun, tuloy tuloy yun. When the LGUs started giving out the vaccine that’s another milestone. Then, the next would be when supplies for private companies come in. All of that is ramping up. By the way, we are providing vaccines for our employees. My message for them is: we want you vaccinated for yourself, for your family, and for the company.
From premium university residences to the township development
AS TLDC grows to become a full-scale real estate developer, the company also continues to strengthen its Tierra Lorenzo Premium Lifestyle Developments outside Metro Manila. The company takes pride in its lifestyle developments in Tierra Lorenzo Davao, namely, the Dusit D2 Hotel, and Dusit Thani Residence Davao.
“These properties are doing okay. We have guests. People are coming including local visitors and those who fly to Davao for business. Dusit Thani Lubi Plantation Resort is here, too. People from all over Mindanao are coming here. Of course, following the IATF protocols. They keep on coming back to us. Come here and you’ll find your sanity back,” Lorenzo said.
This flagship leisure project in the Davao Gulf features a sophisticated style inspired by British colonial architecture, while being set amidst the splendor of nature and marine life.
TLDC also awaits the turnover of its first residential tower in Tierra Lorenzo Lipa, the company’s mixed-use residential and hotel development in Batangas.
“We’re about to start the fifth hotel, the Dusit Princess in Lipa, Batangas. Because we have a Tierra Lorenzo development in Lipa. Tower 1 is finished and we are about to start Tower 2 and also the Dusit Princess. “We’re opening the Ascott Life Residences in Malate next year, 2022. It’s a hotel for foreign and local tourists,” the CEO added.
More plans for the future
NEEDLESS to say, the company’s growth has always been anchored on the management’s foresight to spot opportunities and develop projects in emerging urban centers ahead of everyone else.
As TLDC continues to expand its footprint in emerging urban centers outside Metro Manila, the company ensures to promote inclusive growth within the communities they support. Apart from creating more jobs in the surrounding communities, bringing new developments to these areas also boost economic activity.
“The provinces are really growing nowadays even in this pandemic. The locals, who instead of putting their money in Metro Manila, are staying in their places. There is an infrastructure boom. Ang daming bagong kalye and skyway extensions even in Visayas and Mindanao. The construction slowed down but didn’t stop. I’m a firm believer that any infrastructure is good. Magagamit at magagamit rin yan,” Lorenzo attested.
With the company’s significant growth over the last few years, it seems that TLDC can’t wait to show us what’s in store for the future. TLDC is ready for the students as well as the young professionals or anyone looking for safe, secure and well-appointed, well-placed condos within the metro. The Malate development near UP-PGH is ready for the doctors and nurses as well as the students within the area.
Likewise, Torre Sur, near Perpetual Hospital in Las Pinas, is ready for frontliners, doctors, and nurses in the area. The company intends to keep on discovering places for people to go to where they can work in silence or study in a safe environment.
“We’re here with many projects ongoing. We have a track record of delivering our projects and managing and achieving long-term financial gain. Meaning because we manage it, we keep our values high and we have existing projects in very good locations. We have future projects that are being planned. We have some projects that we are about to launch. And we’re looking at a very long-term view as always.”
“This pandemic will end sooner or later and it’s a good time to really invest because buyers can get a good deal. Remember there is this vaccine euphoria. When people are getting vaccinated already then the narrative changes, right? So now it’s a good time to invest and stay optimistic,” Sir Tomas concluded.
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inspiring story that in this challenging time, there is still hope.