Phinma Properties expects 40% sales growth this year

MANILA, Philippines - Phinma Properties, the real estate unit of the Phinma Group of Companies, is eyeing P1.4 billion in sales this year, an increase of 40 percent from the P1 billion registered in 2008, banking on the fast take-up of its residential condominium projects.

In a press briefing yesterday, company president Willie J. Uy said sales started to pick up in October 2008 due to strong demand for affordable housing and growing investors’ confidence in the real estate market and the Philippine economy as well.

Phinma Properties is developing three new projects this year – the 1,596-unit Fountain Breeze in Sucat, Parañaque; the 840-unit Sofia Bellevue in Capitol Hills Drive, Quezon City; and the recently-launched 870-unit Flora Vista which will rise on a 1.8-hectare property located along Commonwealth Ave. in Quezon City.

The development cost for these projects is estimated at more than P3.35 billion with bulk of the amount, or over P2 billion, going to Fountain Breeze, Uy said.

Launched only in July, the P550-million Flora Vista is now 50 percent sold. It will have a total of nine walk-up buildings with five and 11-storey structures. Units have a standard size of 30 square meters, which can be extended to 60 and 90 square meters, depending on the buyer’s budget and needs. Unit prices range from P850,000 to P1.1 million.

For as low as P7,137 a month through the government’s housing loan program, a buyer can already avail of units at Flora Vista.

Uy said the launch of Flora Vista is part of Phinma Properties’ commitment to continuously provide the public with the best value-for-money condos. “We offer the lowest rates for affordable quality residential condominium buildings. But in spite of this, we remain profitable,” he said.

Fountain Breeze, estimated to cost around P800 million, offers 30 square meter condo units in walk-up clusters. It is Phinma Properties’ first venture into high-rise property development.

For next year, Phinma Properties is hoping to launch three new projects – one in Pasig and two in the South (within the Paranaque, Muntinlupa or Bicutan area), Uy said, adding that negotiations with the landowners are currently ongoing.

To take advantage of the rising demand for socialized housing, the company is looking to acquire a property in Quezon City to mark its entry into the mass housing segment of the market with the sale of units below P600, 000. “We’re looking for a four-hectare property within Quezon City for this new line we’re planning to tap, Uy said.

Phinma is the leader in affordable medium-rise housing with more than 6,000 affordable condo units built to date.