PROPERTY developer Primex Corp. said on Wednesday its Board of Directors has approved a plan to make a foray into mass housing development.
In line with this, the company said it will form a wholly-owned subsidiary to undertake mass housing operations.
“The portfolio of the group’s land bank enables us to be flexible in our endeavors,” Primex Corp. Director Karlvin Ang told The Manila Times in a text message.
“[But] there are no definite plans yet,” he added.
“At a meeting of the Board of Directors … the Board took up and resolved to approve a plan to form a wholly-owned subsidiary that may undertake mass-housing projects in the future. The resolution was approved at 11:00 am,” the company said in a disclosure to the Philippine Stock Exchange.
In June, Primex President Ernesto Ang said he remains upbeat about the business outlook for the year, with the company planning to develop four new residential projects within and outside Metro Manila as part of its expansion strategy.
One of projects 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 second project, Twin Golf Tower, will be a 30-story condominium that 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 City, the company is set to develop Primex Tower, a 50-story condominium worth a total of P3.6 billion. 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 Taal Volcano and Taal Lake.
Incorporated in 1986, Primex is a listed real estate firm engaged in the purchase, lease and development of properties. Its projects include two high-end residential developments — Goldendale Village in Malabon and The Richdale along Sumulong Highway, Antipolo City — as well as the Goldendale II and Tresor Residences also in Malabon.