Phinma Properties readies P31-B inventory for Bacolod market
Phinma Property Holdings Corp. (Phinma Properties) is pursuing an aggressive housing expansion in the next decade, aiming for regional growth in the recovering middle-income sector.
Raphael Felix, CEO of Phinma Properties, recently told the Inquirer they expect a total projected revenue of P31 billion from their Saludad township in Bacolod City, an area seen to offer much room for growth.
At the same time, Phinma Properties, the real estate arm of conglomerate Phinma Corp., is looking at sheltering 22,000 families across the country in the next 10 years as the company reevaluates its growth strategy amid the changing real estate landscape.
“The population is growing, so new areas are emerging,” Felix said in an interview, referring to their planned expansion in other regions.
In choosing Bacolod as the next destination for its township development, Felix explained they saw an opportunity to harness gains from urbanization.
“We wanted to ride the development wave … We wanted to get Bacolod early on, so that we can actually enjoy the whole ride,” the CEO said.
“The economic growth of Bacolod is tremendous,” he added.
Data from the Philippine Statistics Authority show that Bacolod is among the fastest-growing cities on Negros Island with a gross domestic product growth rate of 7.7 percent. This outpaced the Philippine average growth of 5.6 percent.
As such, Felix said they had opted to take advantage of Bacolod’s strong potential and cement their presence in the city, rather than other already-established business districts, including Iloilo City.
Phinma Properties last year launched Saludad township, which will be composed of both residential and commercial establishments.
The project will feature over 2,500 condominium units across the planned Maayo Terraces towers valued at around P22 billion.
Apart from that, more than 200 residential lots worth a total of P1.6 billion at Likha Estates will rise.
While other developers are setting their sights on the high-end and luxury markets due to the middle-income sector’s current weakness, Felix said this was not the case for Phinma Properties.
“A lot of people want to take advantage of the resiliency of the high-end market, but our focus is really on the middle-income market,” he explained.
“The market is changing really fast, and to be good at what we do, we have to keep on learning that market,” Felix added.
Phinma Properties also recently ventured into its new brand, Phinma Community Housing Corp., to help cover the gap in socialized housing in the Philippines.
Prices will range from P750,000 to P800,000 per unit to allow prospective homebuyers to avail of Pag-Ibig loans.
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