Pro-friends unit to target low cost housing

MANILA, Philippines - A subsidiary of Pro-friends Group Inc. is targeting the lower economic housing segment through its first project amid an expected housing backlog.

According to Pro-friends, its subsidiary Micara Land, Inc. has launched its first project covering more than 70 hectares in Tanza, Cavite.

The project is targeted for the lower economic segment with the house and lot packages to be sold at a price range of P600,000 to P800,000.

Pro-friends Group chairman and chief executive officer Guillermo Choa said the group decided to venture into a different market given the demand for housing in that segment.

“Studies have shown that the housing backlog for economic to low cost housing is at 2.5 million. At P800,000 per house, we are talking about a P2-trillion market that is waiting to be served because these are people who need a house and have the capacity to pay,” he said.

Pro-friends had announced earlier that it plans to complete eight property projects over the next 10 years.

This, as it seeks to take advantage of the country’s housing backlog estimated at six million by 2030.

Its biggest project, Lancaster Estates, is a 1,435.22-hectare development in Gen. Trias, Cavite, set for completion by 2034.

The group currently has a land bank of over 1,800 hectares.

“There are more launches in the offing and we expect these, together with the recent ones, to complement the growth trajectory that we have been experiencing and set for ourselves to sustain in the coming years,” Choa said.

Pro-friends plans to raise as much as P7.7 billion in fresh funds from an initial public offering next month, to be used for development and construction, land banking, and general corporate purposes.

As of the first semester, Pro-friends’ net income posted a 28-percent year-on-year increase to P1.9 billion.