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with commercial and industrial lot sales.

Commercial leasing revenues grew 8 percent to R26.6 billion as its portfolio of malls, offices, and hotels and resorts continue to expand within the Philippines.

“We continue to reshape our business to achieve a more sustainable level of growth by rebalancing our leasing and property development businesses,” said Dy.

He added that, "last year, we launched a good mix of residential and commercial properties in both our established and emerging estates. In addition, our strategy remains consistent – to build sustainable communities across the country. And with the government’s thrust to increase spending on infrastructure, we also plan to accelerate the development of our estates that are closely linked to these projects.”

The company launched R61.5 billion worth of residential and office for sale products in 2016. Residential sales grew 3 percent to R108.00 billion.