Phinma Properties allots P2.5B for 2 mid-rise condos

by Neil Jerome C. Morales, The Philippine Star

Posted at Jun 02 2012 09:29 AM | Updated as of Jun 03 2012 01:40 AM

MANILA, Philippines - Phinma Properties Inc. is spending around P2.5 billion for two new medium-rise projects as it banks on continuous demand from the affordable housing market.

The company launched yesterday Arezzo Place in Pasig City and Solano Hills in Muntinlupa City, both targeting families looking for affordable housing.

Project development cost is P1.5 billion for Arezzo and P1 billion for Solano Hills, said Pythagoras Brion Jr., executive vice-president and chief finance officer of Phinma Properties.

“We got the financing last year for these projects plus for the two more that we will start at the end of the year,” Brion said.

Both projects are five-story condominium development that caters to young professionals, startup families, overseas Filipino workers and retirees.

Projected revenues for the two new projects, which offer 30-square meter units, might exceed P4 billion.

“In the case of Arezzo, there are 2,200 units at P1 million each so you are talking at P2.2 billion already. For Solano, you are looking at 1,400 units at an average price of P1.4 million,” said Phinma Properties president Willy Uy.

Each residential building has atriums with a pocket garden, stairwell and an airwell for ventilation.

Uy said Phinma Properties decided to launch mid-rise projects to quickly book revenues.

“We want to finish it as soon as possible. We want to recognize revenues right away and the fastest is to do a mid-rise project,” Uy said.

Arezzo is the largest project of Phinma Properties to date at five hectares. It is a four-phase development composed of five-story condominiums.

Solano Hills, for its part, will consist of three phases in a 2.9-hectare property in Muntinlupa.

Phinma Properties plans on launching three to four projects this year. Total project cost for the three to four projects composed of 6,562 units will be P5.7 billion that will be completed in the next three years.

The company expects to complete the construction of 2,250 units this year, more than double the 1,000 units last year and higher than the 1,400 units completed in 2010.

The property is a firm a subsidiary of listed holding firm Phinma Corp.