By Vincent Mariel P. Galang
Reporter [bworldonline.com ]
LAGUNA-BASED developer P.A. Properties and Development Corp. (P.A. Properties) and Japanese real estate firm Hankyu Hanshin Properties Corp. (HHPC) are investing P1.8 billion to further develop its residential project in Dasmariñas, Cavite.
“For phase 2 and phase 3, the investment is about P1.8 billion… P700 million plus of that is Hankyu and… about P1.1 billion is P.A. (Properties),” P.A. Properties President Jonathan G. Lu told reporters after the groundbreaking ceremony for Idesia Dasmariñas Phase 2 and Idesia Heights.
Idesia Dasmariñas is the flagship project of PA-Hankyu One, Inc., the second joint venture between the two companies. It is a 37-hectare masterplanned community that targets young professionals, starting families, and overseas Filipino workers (OFW).
Phase 2 is a 9.18-hectare development which will have 648 units ranging from 42 square meters (sq.m.) to 63 sq.m. Prices for house-and-lots range from P2.8 million to P7 million.
The property firm expects P2 billion in sales from Idesia Dasmariñas Phase 2, which is scheduled to be completed by June 2024.
On the other hand, Idesia Heights is a 5.64-hectare community which will have 300 units. Unit sizes are either 63.3 sq.m. or 82.98 sq.m., with prices ranging from P5 million to P8 million.
The company expects to generate P1.5 billion in sales from the project, which will be finished by June 2024.
For the commercial component, Mr. Lu said there may be a mini-mall, but no solid plans for now.
There are also plans to put up business process outsourcing (BPO) offices, as well as food and beverage outlets.
Mr. Lu said Phase 1 of Idesia Dasmariñas is currently 60% sold.
“(Phase 1) is expected to be fully sold within the year to first quarter of next year. Actually, ang commitment namin sa [our commitment to] Hankyu is two and a half years from the time we launched it. We launched it December 2017,” Mr. Lu said.
The company expects P2.3 billion from the sale of 918 units in Phase 1.
Meanwhile, Romarico T. Alvarez, chairman of P.A. Properties, said that the company is now very aggressive in terms of land banking, given that its partner is keen on developing more communities in the Philippines. Currently, the company has 137 hectares of land.
“We are still into land banking kasi agresibo ‘to [because HHPC is aggressive]. Kami, noong [Before, when it’s] P.A. (Properties) lang [only], ang [our] inventory namin umaabot ng [lasts for] three years, four years. With Hankyu Hanshin good for one, two years lang kami. Currently, the company still has land inventory good for two years, and is still purchasing land for 2022 to 2024,” Mr. Alvarez said.
In November 2018, the two companies signed their third joint venture for the Launch of Idesia Lipa. This will be a 17-hectare mixed-use township in Lipa City, Batangas, which will have 1,144 housing units and commercial spaces.
_______________________________________
