(The Philippine Star) | Updated April
20, 2015 - 12:00am
MANILA, Philippines - Real estate
developer Phinma Property Holdings Corp. is increasing its spending program
this year due to renewed interest and demand seen for condominiums in the
country.
Willy Uy, president of the property
arm of investment firm Phinma Corp., said the company is hiking its capital
expenditures (capex) this year to P1.8 billion from last year’s P800-to-P900
million.
“In Metro Manila, there was so much
competition. There was oversupply, but right now it seems demand is picking up
again plus we have this new market. This overseas market which we’ve never
tried before and there’s a lot of interest right now,” Uy said.
“We just came from a US roadshow and
we’ve been very successful. So this is the first time we are going overseas because
a lot of these Fil-Ams are looking at a place to stay when they come here.
Another reason is they find it cheap also,” he added.
Phinma Properties is primarily engaged
in socialized housing and affordable condominium projects.
Uy said this year’s higher capex
budget would be used mostly to start construction of six projects.
He said projects to be launched this
year would add 4,000 units to the company’s affordable market offering and
another 3,000 units to the socialized segment upon its completion over the next
two to three years.
Last year, Phinma Properties said the
temporary oversupply of residential condominium units experienced from previous
years began to taper off and return to more rational levels.
As a result, the company reported a
seven percent year-on-year revenue increase to P1.1 billion, with net income
also rising to P36.3 million from P15.3 million the previous year.
“We are looking good this year,” Uy said.
Phinma is the firm behind Bistekville
housing project that offers around 1,100 residential units through row houses
and three-story condominiums in Quezon City.
Phinma Properties is part of the
Phinma Group, a conglomerate which is also into power (Trans-Asia Oil and
Energy Development Corp.), 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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