PHINMA Property Holdings Corp., the real estate development arm of listed Phinma Corp., is reevaluating plans to go public given the current difficult market conditions and its lack of “scale,” a top official said on Tuesday.

In a chance interview with reporters, Phinma Corp. president Ramon del Rosario Jr. said plans for Phinma Properties to hold its initial public offering (IPO) in 2011 have been shelved.

“We do intend to [hold the IPO], but it’s a question of timing,” Del Rosario said at the sidelines of the 10th Asian Forum on Corporate Social Responsibility. “We are really looking for a much better environment.”

Del Rosario said the real estate developer may consider an initial share sale in 2012. “We also want it to have more scale so it’s a meaningful IPO. We want it to be heftier,” he added without elaborating.

The company executive said in January the IPO of Phinma Properties, estimated to raise between P1 billion and P1.5 billion, may be held in the latter part of this year. Proceeds will be used to fund new projects within and outside Metro Manila.

Other firms have also postponed plans to tap the equity markets given the volatility arising from fears the global economy may again be stalling. To meet its funding requirements, Phinma Properties instead issued P1.5 billion worth of corporate notes in July to finance its expansion program for the next three years.

Included in the plan is the construction of a new project in Davao City by 2012, an earlier report showed.

Phinma Properties, which is 35.3-percent owned by Phinma Corp., has been focusing on mid-rise condominium developments within Metro Manila.

Projects launched include Asya Enclaves in Alabang as well as FloroVista in Commonwealth Avenue and SofiaBellevue in Capital Hills Drive. It also has low-cost horizontal communities in Cavite and Laguna and upscale townhouse projects near Forbes Park in Makati City and in Quezon City.