PROPERTY developer Primex Corp. remains upbeat about its business outlook this year after it announced last week that it plans to develop four new residential projects in Metro Manila and Tagaytay City as part of its expansion strategy.
Following the company’s stockholders’ meeting last Friday, Primex President Ernesto Ang told reporters the projects will rise in Quezon City, San Juan, and Tagaytay.
One project is Life Residences, a serviced apartment that will rise along Gilmore Avenue in New Manila and will cater to students of Xavier School, the nearest school in the vicinity.
“The project will be rental, some [units are]for sale also. The whole building will not be used as a serviced apartment though,” Ang told reporters.
“The location is walking distance to one of the gates of Xavier School. Actually, the target is new students because as we know, Xavier and the other school, ICA [Immaculate Concepcion Academy], they accept new students coming from Marikina, Baclaran,” he said.
The second project, Twin Golf Tower, will be a 30-story condominium which will rise near the EDSA-Annapolis MRT station. The project was so named because once completed, it will offer a view of two golf courses—the Camp Aguinaldo Golf Course and Wack Wack Golf and Country Club.
In San Juan, the company is set to develop Primex Tower, a 50-story condominium worth a total of P3.6 billion. And said the cost of the building is estimated at P2.6 billion while the lot is worth nearly P1 billion. Construction is expected to start within the year.
The company’s fourth project will be situated in Tagaytay City on a 7-hectare piece of land “overlooking the Taal Volcano and Taal Lake. It is in front of the CrossWinds [Resort Suites] of [Manny] Villar,” Ang said.
“Having a view on your project site is a plus because the condo unit, you could be able to sell it with prices like in Makati, which is P150,000 per square meter. That’s the prevailing rate there because we have the big players there such as Ayala and SM. If there’s a good view, they’re selling this for more than a hundred thousand,” he added.
About 15 mid-rise towers will be built, of which two will be started for the first phase of construction.
“We’re planning to put up only two towers for the first phase because one of [the towers]will be a huge one—commercial [use]with a hotel,” he said.
Primex has yet to provide further details of the fourth project as well as the cost of the three others, which are still in the planning stage. Only Primex Tower is in the advanced stages of planning, according to the company.
Some of Primex’s projects will be handled and developed by a foreign hotel operator which the company declined to name until the agreements are finalized.
Incorporated in 1986, Primex is a listed real estate firm which is engaged in the purchase, lease and development of properties. Its projects include two high-end residential projects which are Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City, as well as the Goldendale II and Tresor Residences also in Malabon.