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Phinma Property spending P4.5b for three residential projects

by Jenniffer B. Austria
[ ] April 18, 2011
Phinma Property Holdings Corp., the housing unit of listed holding company Phinma Corp., is spending P4.5 billion to finance the construction of three new residential community projects within Metro Manila this year.
Phinma Corp. president Ramon del Rosario said Phinma Property was prepared to roll out three new projects this year, namely Asya Enclaves Alabang in Muntinlupa, Solano Hills in ParaƱaque and Arezzo Place in Pasig.
Asya Enclaves involves the construction of 1,700 residential units and Arezzo Place will contain 2,000 condominium units. Solano Hills will accommodate some 1,200 residential units.
Del Rosario said Phinma Property was now beginning to look at opportunities in other developed centers such as Cebu, Davao and high-growth areas near the capital region.
The company hopes to launch its first project outside Metro Manila next year, with a 1.2-hectare development in Davao City.
Del Rosario said the mother firm might list the property unit before the end of the year or by early 2012 due to its strong performance. “We will try to do it this year or early next year, depending on the market,” he said.
Phinma Property experienced a stellar year in 2010 after posting a P230.1-million income, the first time it breached the P200-million level.
“Phinma Property considers itself to be well-positioned in the very competitive real estate environment and is confident of its growing business, particularly due to its positioning as being the best-value-for-money home option, with fast delivery of projects and its emphasis in community living,” Del Rosario said.

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