Phinma Properties posts 17% hike in net income

MANILA, Philippines - Phinma Property Holdings Corp. (Phinma Properties) posted a 17 percent increase in its net income last year to P132.2 million from P112.8 million in 2008.

Phinma Properties president Willie Uy said the company is committed to uplifting the lives of Filipinos by providing well-constructed and affordable medium and high rise condominium units.

“We have been successful in this mission, evident in the marked increase in the number of residential units delivered and in the financial results of our operations in 2009. Phinma Properties delivered 1,194 new homes compared to 851 in the previous year,” he said.

Despite the conservative outlook in the property sector, Uy noted that last year saw the launch of its two residential developments, namely Sofia Bellevue, an 840-unit project in Capitol Hills, Quezon City featuring five medium-rise buildings, and Flora Vista, an 870-unit project in a 1.8-hectare property with nine five-storey condominium buildings near Commonwealth also in Quezon City.

He noted that Phinma Properties’ most important and unique advantage is its building system that allows for fast but quality construction and immediate turnover of units. He explained that its cast-in-place system allows them to build structures at a rate of one floor per day or construct a four-cluster building of 116 units in 90 days.

Phinma Properties, a 35-percent affiliate of Bacnotan Consolidated Industries Inc. (BCII), also enters into joint ventures with landowners to keep costs at a minimum, Uy noted. “Together, these factors allow  Phinma Properties to sell units at affordable prices and with reasonable profits.  Phinma Properties offers units starting at less than P1 million with amortization starting at P 5,915 per month,” he said.

He added that Phinma Properties continues to deliver its promise of affordable homes for fellow Filipinos. 

To date, Phinma Properties has successfully completed seven residential developments and has constructed  7,041 condominium units. 

Earlier, Uy noted that 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.

The development cost for its three projects — Fountain Breeze in Sucat, Parañaque;  Sofia Bellevue; and Flora Vista is estimated at more than P3.35 billion with bulk of the amount, or over P2 billion, going to Fountain Breeze.

This year, Phinma Properties is hoping to launch three new projects – one in Pasig and two in the South (within the Parañaque, Muntinlupa or Bicutan area).

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.

Uy earlier said the company is willing to enter into joint venture agreements with land owners in the cities of Cebu and Davao.

But if there will be land sellers, he said the company would be willing to buy, as long as “the price is reasonable.”

Phinma Properties is also eyeing to build condominiums in both key cities in the south. “We’re also looking at horizontal developments,” Uy said.

Notwithstanding earlier signs of recovery in the higher-end segment of the property sector, Uy said the company would remain in the affordable segment of business.