List of Licensed Real Estate Developers

By Miguel R. Camus, BusinessMirror
Posted at 11/08/2011 7:37 AM | Updated as of 11/08/2011 7:37 AM


MANILA, Philippines - Phinma Property Holdings Corp., the real estate development arm of listed Phinma Corp., is entering the socialized residential segment next year amid deepening competition in its traditional business of building affordable mid-rise to high-rise condominiums.

In a recent interview, Phinma Properties president Willie Uy said the company is looking to participate in certain state-endorsed developments aimed at providing housing for the mass market. He said homes in this segment would be sold for no more than P400,000 each.

“We want to reach out to a lower segment. We are now looking at some of the government projects,” Uy said.

The plan comes as sales have declined close to a third in the nine months to September, he said, citing rising competition from other builders shifting their attention to lower-income segments, including SM Development Corp. and Ayala Land Inc.  

“We are still selling, but not at the growth that we thought we could sell,” Uy said.  “Buyers are now more conscious of the different promotions available in the market.”

Uy added that the ongoing debt crisis in Europe and economic woes in the US are hurting confidence among overseas Filipino workers (OFW) coupled with the slowdown in government housing loan releases.

He said 16 percent of buyers are made up of OFWs while 80 percent are supported by loans from state-run Home Mutual Development Fund, also known as Pag-IBIG Fund.

Uy said Phinma Properties has taken a cautious stance for most of 2011—having launched only one project instead of the three planned earlier—but he said better prospects are expected by next year.

He said Phinma Properties is planning to launch the five-hectare Arretzo Place in Pasig, which will offer 3,000 units in a five-story “walkup” format. He said the project will be launched within five months.

Phinma Properties, which is 35.3% owned by Phinma Corp., has built about 7,000 condominium units in Metro Manila, according to its website.  

Projects launched include Asya Enclaves in Alabang as well as FloraVista in Commonwealth Avenue and Sofia Bellevue in Capital Hills Drive. It also has low-cost horizontal communities in Cavite and Laguna and upscale townhouse projects near Forbes Park in Makati City and in Quezon City.