Phinma Property to spend P1 B this year

MANILA, Philippines - The affordable housing unit of Phinma Corp. may spend around P1 billion in capital expenditures this year.

In a chance interview last week, Phinma Property Holdings Corp. (Phinma Properties) president and chief executive officer Bobby Laviña told The STAR the company would not be spending much on capital expenditures this year.

“It’s not going to be much. Siguro, my estimate would be about a billion pesos only in terms of capital house base,” Laviña said.

Laviña said the firm’s project launches would be targeted more at its socialized housing division, through which it partners with local government units.

“Our launches this year are principally going to be in the socialized housing area,” Laviña said.

These socialized housing projects will be located in areas such as Cebu, Cagayan de Oro and Muntinlupa, according to the company official.

Among the socialized housing projects the firm launched last year were Grand Strikeville 4 in Bacoor, Cavite which offers 872 residential units that sit on a 4.5-hectare property and L’Oasis, a six-building mid-rise development in Barangay Baritan, Malabon, with 674 units.

Phinma Properties has two business divisions particularly the socialized housing division and the urban housing division.

“This year, 2017 we should achieve about 2,000 units in socialized housing and about another 750 units in higher quality homes,” Laviña said referring to completed housing units.

For its urban housing unit, Laviña said the company may launch a luxury town house project in Alabang, with homes priced between P15 million and P22 million.