MANILA, Philippines - Phinma Properties
Inc. is spending around P2.5 billion for two new medium-rise projects as it
banks on continuous demand from the affordable housing market.
The company launched yesterday Arezzo
Place in Pasig City and Solano Hills in Muntinlupa City, both targeting families
looking for affordable housing.
Project development cost is P1.5
billion for Arezzo and P1 billion for Solano Hills, said Pythagoras Brion Jr.,
executive vice-president and chief finance officer of Phinma Properties.
“We got the financing last year for
these projects plus for the two more that we will start at the end of the
year,” Brion said.
Both projects are five-story
condominium development that caters to young professionals, startup families,
overseas Filipino workers and retirees.
Projected revenues for the two new
projects, which offer 30-square meter units, might exceed P4 billion.
“In the case of Arezzo, there are
2,200 units at P1 million each so you are talking at P2.2 billion already. For
Solano, you are looking at 1,400 units at an average price of P1.4 million,”
said Phinma Properties president Willy Uy.
Each residential building has atriums
with a pocket garden, stairwell and an airwell for ventilation.
Uy said Phinma Properties decided to
launch mid-rise projects to quickly book revenues.
“We want to finish it as soon as
possible. We want to recognize revenues right away and the fastest is to do a
mid-rise project,” Uy said.
Arezzo is the largest project of
Phinma Properties to date at five hectares. It is a four-phase development
composed of five-story condominiums.
Solano Hills, for its part, will
consist of three phases in a 2.9-hectare property in Muntinlupa.
Phinma Properties plans on launching
three to four projects this year. Total project cost for the three to four
projects composed of 6,562 units will be P5.7 billion that will be completed in
the next three years.
The company expects to complete the
construction of 2,250 units this year, more than double the 1,000 units last
year and higher than the 1,400 units completed in 2010.
The property is a firm a subsidiary of
listed holding firm Phinma Corp.
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