Posted on January 10, 2012 09:53:33 PM [ BusinessWorld Online ]
PHINMA PROPERTY Holdings Corp. is pushing back further its initial public offering (IPO) plans, having decided not to hold the listing debut this year after it was already postponed in 2011.
The real estate arm of Phinma Corp. will instead rely on loans and internal funds for spending, an official yesterday said.
“[There] will be no IPO for Phinma Properties this year because the funding requirements of the company can be met by internal funds and by our banking partners,” Regina B. Alvarez, Phinma senior vice-president for management information and controllership, told BusinessWorld in a telephone interview.
Earlier, Phinma President and Chief Executive Ramon R. Del Rosario, Jr. had said the firm was studying whether to hold the IPO this year after postponing the listing in 2011 amid poor market conditions.
“We have sufficient funds anyway and the company has a quick turnaround of projects, so funding requirements should be met internally,” Ms. Alvarez said, adding that the company will also resort to borrowings to fund its budget for this year.
This comes as Phinma Properties looks to strengthen its hold on the affordable residential market via two new condominium developments in Paranaque City and Pasig City, dubbed Solano Hills and Arezzo Place, respectively.
Solano Hills will offer 1,300 units, while Arezzo Place will feature 2,300.
“Affordable housing is not new to us. It’s been one of our core businesses for a few years now, and it ties up with our overall business perspective and mission of providing affordable projects for the Filipino people,” Ms. Alvarez said.
Further, Phinma Properties is set to soon complete the third building of ASiA Enclaves Alabang, the company’s low-density residential development along South Luzon Expressway in Muntinlupa City.
By March, 392 units will be available for turnover to buyers, with ownership starting at P10,500 per month, the company’s Web site stated.
“Here in Metro Manila, there’s a continued demand for housing all over.
We are also dependent on the accessibility of our sites to our homeowners,” Ms. Alvarez said.
The company has other existing residential projects in Paranaque City and Quezon City.
Phinma Properties is also the firm that built the upscale townhouse projects Manila Polo Club Townhouse, Mariposa Square, and Mariposa Villa Townhouses in the late 1980s. It has built over 7,000 condominium units in Metro Manila alone according to its Web site.
Shares of Phinma, the company’s parent firm, rose by 0.68% to P11.90 yesterday. -- Franz Jonathan G. de la Fuente