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Phinma property unit to expand outside Luzon; Davao eyed

Posted on February 17, 2011 10:21:22 PM [ BusinessWorld Online ]
PHINMA PROPERTY Holdings Corp. plans to break ground for a new residential project in Davao City by early 2012 as the medium-cost developer expands outside Luzon.
UY
Following a media briefing yesterday in Makati, Pete B. Felix, Phinma Properties’ assistant vice-president for planning, told BusinessWorld: “We might have a groundbreaking in Davao City early next year” as the company aims to replicate its success in its target market in other urban areas.
“For last year, we performed well as we were able to double profits compared with the previous year,” Mr. Felix said.
The property firm, which has built 9,000 condominium units in Metro Manila, is also confident of continued good performance for this year.
“The outlook for this year is positive and we also expect to double our income for 2011,” Mr. Felix said.
The property unit of the Phinma group is boosting its presence in the “affordable segment of the housing market” with the launching of its first project in Alabang, which started construction in September 2010.
Willie J. Uy, president and chief executive officer of Phinma Properties, said: “We are excited to launch Asya Enclaves Alabang as we want to bridge the construction backlog in the country. We want to build quickly but with value and quality for our customers.”
“We target the broad Class C market, the start-up [families] and the young professionals who have a lot of disposable income ... That is why we set our price below P2 million [per unit],” he said.
“This way, market default is unlikely to happen since it is a price our customers can afford,” he added.
The investment for Asya Enclaves Alabang had been pegged at P1.5 billion, executives said.
The property firm is positioning itself as a provider of “quality housing at an affordable price” -- with the price per square meter set at P40,000 and the price per unit starting at P1.2 million.
Asya Enclaves Alabang, a 3.5-hectare, 14-building, 1,792-unit residential condominium, is set to deliver its first two buildings by the second quarter of this year.
The third building will be delivered by the end of 2011.
The whole property development is expected to be turned over to buyers by the fourth quarter of next year.
Aside from Asya Enclaves, Phinma Properties will be launching four to five more projects within Metro Manila this year, executives said. -- Vanessa J. Jimenez
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