Phinma Properties plans 2nd project in Davao City

DAVAO CITY — Phinma Property Holdings Corp. (Phinma Properties) is planning a horizontal residential development as its second project in Davao City, to be located within the vicinity of the mid-rise condominium complex it is developing in the Sasa district.

“It’s a different product. Though still in studying stage, but we are looking (at) 150 units. We think that there are a lot of developments that are ongoing now in the vertical side and nobody is really doing a horizontal anymore, unless you are in the Diversion Road,” Pete B. Felix, Phinma Properties vice president for Urban Housing Division, told BusinessWorld.

Mr. Felix said the company has a 2.5-hectare property for the new project, which will likely be developed in two phases beginning the latter part of 2018.

Phinma Properties is now constructing the fifth of the 12 buildings for the Arezzo Place Davao, a complex of five-storey condominiums.

“Our sales are ahead of our construction... If we can sell everything tomorrow, we will construct the sixth building in maybe about two to three years’ time,” he said.

The company is targeting to have all the condominium units sold by 2020.

“I was talking to the country head of (online real estate marketplace) Lamudi, who in fact told me that they monitored a 25% pick up in sales here in Davao from January to today... that’s a very big increase in sales,” he said.

“There’s a lot of development here... and I think influx of demand will be far greater than what can be supplied at this point in time,” he added.

Meanwhile, Phinma Properties is also scouting for potential areas in Cagayan de Oro (CdO) City for both horizontal and vertical projects.

Mr. Felix said their socialized housing division is already preparing to start a project there.

“That is one of the reasons also why our (urban) division is looking to go to CdO because our sister division is already there... It makes practical sense that both divisions are in the same location,” he said.

Phinma Properties’ socialized housing division, in turn, will also be looking for potential projects in Davao after it launches the Cagayan de Oro development.