By Neil Jerome C. Morales (The
Philippine Star) | Updated May 5, 2014 - 12:00am
MANILA, Philippines - Real estate
developer Phinma Property Holdings Corp. is venturing into more socialized
housing projects, a niche market that it plans to tap by partnering with local
government units (LGUs).
The property arm of investment firm
Phinma Corp. is also fasttracking the launch of larger projects as it expands
outside Metro Manila for the first time, an executive said.
“We continue to expand in the sense
that whatever capacity we have, we’re channeling also our resources, almost
equally, to socialized housing projects,” said Phinma Properties president
Willy Uy.
“It’s an area where our competitors
are not willing to get into because of the very slim margins,” Uy said, adding
that the company’s building system allowed it to squeeze better margins than
conventional contractors.
Phinma Properties, which has been
involved in socialized housing projects since early 2000s, is the firm behind
Bistekville housing project that offers around 1,100 residential units through
row houses and three-story condominiums in Quezon City.
In the pipeline are three more
socialized housing projects priced at a maximum of P450,000 per unit in Quezon
City, Uy said.
Several LGUs have also approached
Phinma Properties, which already signed a memorandum of agreement for a
socialized housing project with the Bacoor LGU.
“We are looking as far as Tacloban for
rehabilitation,” Uy said, adding that the socialized housing segment could
account for at least 30 percent of the company’s total income.
Phinma Properties is also pursuing
larger residential projects, or those with 11 storeys and more.
Uy said the property firm is launching
four projects, the first time since 2011 when the company limited itself to one
development a year. New projects are located in Pasig, Novaliches and two in
the Alabang-Sucat area.
“While we’re cautious, we still
continue to look at other areas to develop,” Uy said.
Phinma Properties is venturing outside
Metro Manila for the first time through high-rise residential projects in Davao
and Sta. Rosa in Laguna.
Capital spending is estimated at P600
million to P800 million for this year.
To increase its landbank, the property
firm is pursuing joint ventures deals given significantly higher cost of land,
Uy said.
Phinma Properties is part of the
Phinma Group, formerly Bacnotan Consolidated Industries Inc. The investment
firm is also into steel fabrication (Union Galvasteel Corp.), educational institutions
(Phinma Education Network composed of Araullo University, Cagayan de Oro
College, University of Pangasinan and University of Iloilo) and hotels
(Microtel).
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