Phinma Properties to launch four new projects this year despite crisis

MANILA, Philippines - Residential developer Phinma Properties Inc. will be launching four projects this year to ease the country’s housing backlogs, including those in Metro Manila. The company may spend between P2 billion and P2.4 billion in the development of the four residential projects, Willie J. Uy, Phinma president and chief executive officer, told reporters on Tuesday. “We continue to expand despite the negative market. We are not affected by this [global crisis]," Uy said, adding that the company’s fourth quarter performance exceeded results of last year’s first three quarters. “I think we benefited somehow [because] people were looking for value for money," Uy said. After launching Sofia Bellevue which features five medium-rise buildings in a 1.7 hectare Capitol Hills property in Quezon City, the company will inaugurate three more projects within the year. Besides another project located in Quezon City, Phinma Properties will launch phase 3 of Fountain Breeze in Paranaque and a possible joint venture, details of which has yet to be announced. Of the Philippines’ 3.8 million housing backlogs, 800,000 of these are in Metro Manila. Sofia Bellevue, which is located near the University of the Philippines, the Ateneo de Manila University, and Miriam College, will have 870 units with floor area of between 21 square meters and 40 square meters. Prices will range between P861,000 to P1.76 million. The project will have a view of the Capitol Hills Golf and Country Club. Targeted for the mid-market, Sofia Bellevue is ideal for the young professional and early nesters who are starting to build a family. Medina, the first building, together with the clubhouse and pool will be completed within the year. The entire project is targeted to be completed by 2011. Amenities include a fitness hub, residence lounge, playground, multi-purpose function hall for various activities, game room, landscaped garden, children's playground, swimming pool and jogging paths. - GMANews.TV