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For the
executives of Phinma Properties, the way they build their
units depends on their tried-and-tested building system
that they have employed since they started their push in
building affordable townhouses way back in 1988.
“Our
current system involves no hollow blocks. Cement is poured
straight away, so it’s more stable and nicer-looking. No
bumps or anything. And this system allowed us to build
houses faster than any developer in the country,” explains
Willie Joven Uy, president and chief executive officer of
Phinma Properties, in an interview with the BusinesMirror
at their offices in Mandaluyong City.
As proof,
Uy said they were able to build 1,000 houses in as fast as
six months, giving the customers the ability to move in
very quickly. And so efficient was their building system
that since 2002, when they started their big push in
real-estate development, they were able build more than
5,000 complete units already.
For his
part, Grant Orbeta, assistant vice president for marketing
and design of Phinma Properties, said speed of building
units allows for cost and time efficiency. “There’s no
wastage, actually. And since clients can move in already,
it translates back to savings to them,” says Orbeta.
As for the
developer, Orbeta said the speed of sales will go back to
the bottom line. “It’s really a value-for-money
proposition for them, since we help them get what they
paid for,” he adds.
This
situation is not new to Phinma Properties, touted as the
pioneer in the “mass housing” concept back in the 1980s
during the time of former President Corazon Aquino, who
asked the company to go into this business, realizing that
a lot of Filipinos are without homes.
It was a
big challenge for the company, Uy said, simply because
Phinma Properties was known for its more high-end
townhomes, again another concept pioneered by Phinma
Properties back in 1988 when it built the Mariposa Villas,
a plush and thoroughly exclusive property in Quezon City
made of 167 to 170 square meters of nicely made units, and
where the who’s who of society back then preferred as
their main abode.
Then there
was also the Manila Polo Club townhouses the company built
in 1989 and still selling quite well.
In
response to President Aquino’s request, Phinma Properties
built its first set of affordable townhouses in San Pedro,
Laguna, in 1993 and then in Imus, Cavite, comprised of
around 400 units with 36- to 42-square-meter floor area.
“It sold very well, including employees of Phinma as well
who availed themselves of the units,” Uy says.
However,
since Imus and San Pedro were quite far, the problem was
proximity. “Tenants had a low quality of life. Imagine,
getting up early preparing for the family and going to
work, and then still going home late, it was really taxing
to them. There has to be properties that are quite
accessible, which means Metro Manila,” Uy relates.
So when
former
Quezon City mayor Mel Mathay offered a 2-hectare property in Novaliches
as a site for socialized housing, it turned out to be
perfect, though the challenge was how to keep the units
affordable. Most developers can only build 200 units given
the pricing situation of materials. Uy said they employed
the building system they’re using now to make the units
affordable and efficient at the same time.
As a
result, they were able to build 1,600 units, which made
then-Mayor Mathay elated. “We got the attention of housing
officials. And even though it was a big investment on our
part, we’re proud to have done the project. Phinma is a
very nationalistic company,” he adds.
And being
able to get a house, Uy said, created a big impact on
average-income Filipinos who were able to afford homes and
changed their way of life for the long term.
Credit, Uy
said, also goes to the government, particularly in the
lowering of borrowing rates. “The Vice President of the
Philippines and Pag-IBIG did a great job in lowering
borrowing rates. They were really very helpful,” Uy said.
However,
he relates that there is still a backlog for affordable
housing since demand is still high, reaching 3.8 million.
For their
latest developments, Uy said they are still employing
their building system, like for their Fountain Breeze
Phase 1 property in Sucat, Parañaque, which established a
record of sorts. “It’s selling very well, in fact, it
broke the old record for daily sales when we sold 124
units in a day when the old record was 109. Again, credit
goes to our building system,” Uy narrates emphatically.
Even for
the walk-up apartments, they can build 116 units in as
fast as three months, again due to the efficient building
system they employ.
And
speaking of Fountain Breeze, they are now moving into a
different category, which is high-rise development, a
first for the company, for the second phase of Fountain
Breeze, which is comprised of six 11-story buildings and
will be launched by Phinma next month.
This year
Uy still sees growth for the company, particularly since
client demographics have moved to single or young couples
and even retirees who want to have their own secure and
exclusive property. They have a small overseas Filipino
worker market, though, around 20 percent. “We still cater
mainly to local end-users,” Uy adds.
And
despite the recession in the US, Uy is gung-ho about 2008
as he bared that they are looking at around two to five
other projects this year, though subject to land
availability. “We’ll prioritize bigger areas, 1 to 3
hectares, if possible. We already have the technical
people who can handle these additional developments,” he
pointed out.
In the
end, Uy said that what they are building are not just
properties but communities in order to develop loyalty
among clients. “We have estate managers who discuss
problems of users, a service they get from high-end
developments. They’re really the ones responsible for
building communities and help give clients the security
and exclusivity they get from subdivisions,” Uy relates. | 
