Phinma Property Holdings Corp. (Phinma Properties) is boosting its capital spending this year to nearly P2 billion in a bid to wrap up six new projects and to cater to the demands of the new “Fil-Am” market.
Willie J. Uy, Phinma Properties president, said the company is allotting P1.9 billion in capital expenditures this year compared to the P800 million to P900 million actual spending last year due to its six ongoing projects this year.
“We are putting up our first high-rise project in Pasay… We’re starting already with the plans, the permit, it takes a while,” Uy said.
“We have four [ongoing]projects right now: the Hacienda Balai, ASiA Enclaves [Alabang], Solano Hills and Arezzo Place Davao. It just started right now, [but there will be another]building for Aresto Place Davao. And by the end of the year, we will start with our Sta. Rosa, Laguna project. So that’s going to be six projects,” he said.
He said the first high rise building in Pasay is a 20-storey condominium tower catering to the Filipino-Americans who visit or would settle in the Philippines but has no place to stay. He also noted that the condominium towers in Davao and Sta. Rosa is the first and second condo portfolio of the company outside Metro Manila.
“We just came from a US roadshow, and we’ve been very successful. So this is the first time we are going overseas. We are looking good this year,” Uy said.
The Phinma Properties president said they will offer affordable and high-rise housing to their new Filipino-American market “because a lot of these Fil-Ams are looking at a place to stay when they come here, or because they find it so cheap.”
Aside from the six projects, the company’s annual report cited that it would be launching the Phase 2 of its Thai-themed SATO Premier Suites.
Even before the company ventured into the mid-rise and high-rise buildings, Phinma Properties has been focused on contracted socialized housing with local government units (LGU).
The firm has developed more contracted socialized housing communities in Quezon City under the Bistekville label — having already built 746 units for Bistekville 1 and 2 from the committed 1,118 units in contract — and is capping a 600-unit socialized housing project for the National Housing Authority in San Jose del Monte, Bulacan under the Pleasant Hills brand.
Uy said the firm has recently “signed a memorandum of agreement with the city of Bacoor” for the Strikeville IV socialized housing project.
In its annual report, Phinma Properties mentioned it has been conducting “discussions with LGUs of Bacoor, Cavite and Tala, Caloocan City for other mass housing projects.”
Consolidating all its existing, ongoing and future projects, the company has secured 4,000 units for the affordable segment, and another 3,000 units for its socialized housing division. Most of its ongoing projects are set to be completed by third and fourth quarter this year, its annual report said.
In 2012, the company set up a three-year program to ramp up projects and build more than 6,500 residential units in preparation for its planned initial public offering in 2013.
Its net income more than doubled last year to P36 million from P15 million in 2013 as revenues increased by 5 percent to P1.09 billion.
Known for its “Affordabest” tagline, Phinma Properties is a developer of affordable mid-rise condominium units in Metro Manila. It is an affiliate of listed holding firm Phinma Corp., which currently owns 35.34 percent stake in Phinma Properties.