of friends inc. type wholly owned subsidiary of profriends group inc. private founded mandaluyong philippines in 1999 founder guillermo choa headquarters pro friends center 55 tinio st. mandaluyong philippines key people guillermo c. choa chairman catherine s. choa director kathleen s. choa vice president carina choa corporate secretary atty. monico jacob independent director zorayda amelia c. alonzo independent director joey a. bermudez director joseph m. dolina chief financial officer clarissa g. de joya vice president investor relations jocelyn guzman president and ceo augusto g. leonardo chief operating officer erlaster c. sotto managing director vince lawrence l. abejo group marketing and analytics head cindy c. gutierrez group business strategy head manuel c. crisostomo senior vice president crisanto v. hilario senior vice president susana m. so senior vice president richard g. tay vice president marilyn s. oblena controller and vice president revenue php 5.36 billion approx us 119.11 million usd 2014 1 net income php 1.9 billion approx us 42.2 million usd 2014 2 website www.profriends.com property company of friends inc. commonly known as pro friends is a real estate company in the philippines owned by guillermo choa . it is engaged in low cost housing and condominium development . its projects are on luzon visayas and mindanao . its banner project 3 is lancaster new city which occupies three towns in cavite from kawit imus and general trias . it has applied for its ipo under its holding entity amicus holdings which in turn has its subsidiary williamton to handle in house financing at second quarter of 2014 but was abandoned since march 2015 . 4 5 contents 1 history 2 projects 3 subsidiaries 4 road to public offering 5 marketing 6 controversies 6.1 senate resolutions concerning allegations of laws violated by pro friends 6.2 protests expos and lawsuits 6.3 the company s response 7 acquisition 8 see also 9 references 10 external links history edit property company of friends inc. was put up last 1999 by a group of friends . who constructing homes with precast concrete technology . 6 projects edit avignon place imus bellefort estates bacoor california west hills imus carmona estates carmona cavite bi an laguna cedar residences carmona cavite chateau real general trias cavite chesapeake village imus garden grove village dasmari as cavite greensborough subdivision dasmari as cavite gold crest villas trece martires ilustrata residences quezon city jardin de madrid villas bacoor lancaster new city general trias cavite imus kawit cavite las verandas villas ii imus mahogany mansion mandaluyong montefaro village imus montecillo villas pavia iloilo north east primarosa imus one primerose place mandaluyong palm grove village imus palms lakeshore mexico pampanga parc regency residences pavia iloilo parc regency greens pavia iloilo parklane country homes general trias cavite primarosa village imus primavera villas cabanatuan ridge crest bacoor rosewood village bacoor solare estates cagayan de oro silver crest bacoor st. joseph the worker village general trias cavite university executive villas dasmari as cavite villa de alyssa imus villa de primarosa imus ville de palme general trias cavite ville de soleil dasmari as cavite windsor mansions imus subsidiaries edit profriends group inc. formerly amicus holdings inc 7 firm builders realty development corporation micara land inc. williamton holdings inc. road to public offering edit on august 2014 pro friends announced that they are eyeing an initial public offering by september or october of the same year . 8 however there was no ipo that happened along the mentioned months and a press release was made december of the same year that the securities and exchange commission has approved its ipo set on january 14 2015 9 citing that the reason for the delay is due to negative leads brought about by a competitor prompting sec to require pro friends to clarify the allegations before the ipo application is processed . however the reason for the delay was refuted by the chief operating officer of pse roel refran . 5 10 on january 9 2015 sec has approved a php 7.7 billion approx us 175 million usd ipo and the listing date was set january 14 2015 . 11 eventually the ipo offering expired as the philippine stock exchange has not given a go signal for profriends due to outstanding issues and non compliance with the standard requirements . the company has abandoned the offering since march 2015 . 5 12 in august 2015 pro friends has abandoned its ipo when george ty s gt capital holdings acquired 22.68 percent of its stake . 13 marketing edit property company of friends is highly active on their marketing activities being a sponsor for the location on the reality tv show i do existence of sponsored articles on various online and paper publications advertisements on radio stations and hired janette toral to set up its seo lead generation program july 2014 to december 2014 14 . 15 the company s aggressive marketing has been criticized by some real estate analysts as creating a breeding culture of the customer is not always right . ; which was brought about by their focus on creative marketing even though its core business is building houses . 16 controversies edit a sample of gabrielle unit construction at manchester 1 village lancaster new city barangay navarro general trias cavite showing cracked pre cast panels and the absence of vertical posts and horizontal beams . the company has been marred by controversies such as false advertising delayed turn overs 17 18 illegal control of homeowners associations within their projects quality and structural integrity issues hazardous location based on good building design and construction in the philippines by unisdr no inspection policy during construction and lawsuits . 19 20 a sample of alice units construction at kensington 4 village lancaster new city barangay navarro general trias cavite showing pre cast panels molded and dried along the streets in an uncontrolled environment . senate resolutions concerning allegations of laws violated by pro friends edit on august 20 2014 concerned citizens have pushed philippine senator and head of the senate commission on urban planning housing and resettlement jv ejercito to conduct an inquiry in aid of legislation regarding the alleged violations of pro friends on several housing laws such as republic act 6541 of the national building code of the philippines and the alleged passive treatment of the housing regulation entity of the philippines the housing and land use regulatory board hlurb . senate resolution no. 859 series of 2014 has been released by the 16th congress . 21 on december 9 2014 a new senate resolution 1054 has been released from the office of the same senator to upgrade resolution 859 by including alleged violations of real estate developers on the independence of homeowners associations from control of real estate developers as mentioned in republic act 9904 implementation . 22 23 protests expos and lawsuits edit in october 2015 due to allegations of violations a surge of online protests and weblogs about the quality of construction and unsuited location of projects of the real estate developer has prompted the company to file libel complaints to its complaining customers and individuals 24 including a hazards mapper . 25 the complaint however was dismissed by the mandaluyong prosecutor s office as the information exposed was made in good faith and there is truth to the claim while pro friends was not able to controvert the allegations against them . 26 the company s response edit according to property company of friends turn over delays are present as they continue to improve the efficiency of their processes while they are placing the safety of their customers as the priority . this paved way for the reason why prohibition of buyer inspections during construction phase are in effect . additionally flooding is brought about by the abnormal rainfall that inundated cavite during typhoon maring of 2013 that reached 475 mm . 27 however petitioners have remained unsatisfied with the response as their policies are allegedly in violation of some tenets in the consumer act of the philippines and presidential decree 957 . as for the flooding caused by ts maring it only dropped 335 mm 28 over a 24 hour period at cavite city ; which is twelve kilometers away from lancaster new city . residents of one their cavite project believe the flooding was only caused partly by the amount of rainfall . acquisition edit on the second quarter of 2015 22.70 % of property company of friends inc. was acquired by gt capital holdings inc. the listed holding company of business tycoon george ty for p7 .24 billion . gt capital s acquisition marks the conglomerate s venture into the mass housing development and is expected to complement its real estate development unit federal land inc. on the second quarter of 2016 an additional 28.30 % of property company of friends inc. was also acquired by gt capital holdings inc. . the deal increases gt capital s economic stake in pro friends from 22.70 percent to 51.0 percent . . this gives gt capital holdings inc. access to the vast land banks of pro friends in cavite and near by areas to be developed . see also edit list of real estate companies of the philippines commons property company of friends projects gallery references edit profriends revenue up 13.3 % to 5.36 b in june 2014 . the daily tribune . 6 october 2014 . retrieved 2 february 2015 . profriends group holds off ipo pricing . deal street asia . 16 december 2014 . retrieved 3 february 2015 . pro friends signs moa with aab and san agustin bus lines for lancaster estates transportation services . profriends . retrieved 2 february 2015 . amicus holdings plans p8 b ipo . rappler . 26 august 2014 . retrieved 2 february 2015 . a b c refran roel 17 july 2015 . pro friends does not have a pending listing application . manila standard today . retrieved 18 july 2015 . janica monick riego 19 november 2014 . pro friends ensures house safety with sound technology . businessmirror . p. a5 . current companies . profriends group inc. retrieved 2 february 2015 . pro friends eyes ipo in q3 . philippine star . 11 august 2014 . retrieved 2 february 2015 . sec okays pro friends ipo . philippine star . 4 december 2014 . retrieved 2 february 2015 . real estate competitor not a fan of profriends . manila standard today . 14 december 2014 . retrieved 2 february 2015 . profriends p7 .7 b ipo approved . manila standard today . 7 january 2015 . retrieved 2 february 2015 . austria jennifer 22 may 2015 . profriends postpones p7 .7 b ipo . the standard . retrieved 2 june 2015 . austria jennifer 7 august 2015 . gt capital acquires 22.7 % of profriends . the standard . retrieved 10 may 2016 . answers to profriends lancaster new city issues . janette toral linkedin . 2 october 2014 . retrieved 3 february 2015 . toral dirty online attacks . sunstar cebu . 30 september 2014 . retrieved 2 february 2015 . a plea to profriends to contribute in nation building . philippine real estate and construction . 20 august 2014 . archived from the original on february 4 2015 . retrieved 4 february 2015 . cs1 maint unfit url link tulfo ben 2 may 2015 . pro friends . bitag the original . retrieved 7 may 2015 . tulfo ben 4 may 2015 . non delivery ng kontrata proyekto . pilipino star ngayon . retrieved 7 may 2015 . probable case against property firm found . the daily tribune . 14 august 2014 . retrieved 2 february 2015 . pro friends dapat busisiin ng kongreso . remate . 3 september 2014 . retrieved 2 february 2015 . senate resolution no. 859 property company of friends inc. . senate of the philippines . 20 august 2014 . retrieved 2 february 2015 . senate resolution no. 1054 real estate developers owners and operators