Mid-market projects make Phinma confident of steady revenues

Phinma Property Holdings Corp. remains confident of steady revenues, banking on the strength of the middle-income market to boost the company sales. The company is eyeing P1.4 billion in revenues for the year with more projects for the middle market, Willie Joven Uy, Phinma Properties president and chief executive officer, said. Phinma's expertise in building low to medium-rise condominium projects, which are easier to build and may be turned over to buyers faster. “If we can [hit] P1.4 billion this year, we will be ok," said Uy. On Tuesday, Phinma launched “Flora Vista", which is located near Commonwealth Avenue in Quezon City. It is near transportation, education and commercial hubs. Being located near the business centers Trinoma, the Techno Hub and SM North Edsa, Uy said. The 1.8-hectare development which features nine walk-up buildings will have a development cost of P550 million, said the company, the real estate developer of listed Bacnotan Consolidated Industries Inc. All buildings will be five-storey structures with units having a standard size of 30 square meters which can be extended to 60 and 90 square meters depending on the buyer's budget and lifestyle. Flora Vista units will be sold starting at P850,000 each. The company said families with a combined monthly income of between P30,000 and P40,000 are the market for the project. For the year, the company is also busy with two projects that are in various stages of development. These projects are the 1,710-unit Fountain Breeze, and the 870 unit Sofia Bellevue. The company is spending P800 million for Fountain Breeze and P1.5 billion for Sofia Bellevue. Phinma said it is discussing with three other landowners for potential projects. - GMANews.TV