Delivering quality homes as promised

By Charles E. Buban
Philippine Daily Inquirer 02/28/09

WITH tough times already hitting the country’s property sector, a number of developers are now being forced to scale down if not alter their previously grandiose business plans.

Those who cannot do such, have no choice but to increase the price of their home packages or put on hold these projects if sales are not strong enough to support the construction cost.

As a result, owning a home these days has just become even more challenging as Filipino homebuyers now have to think long and hard on whether a particular offer represents the best deal for their hard-earned money. “The best advice that we could give is for homebuyers to arm themselves with as much information as they could get. After all, they can’t afford to make a mistake these days,” said Willie Uy, Phinma Properties president and CEO.

Uy added that during these times, it’s common for developers to encounter homebuyers who check past performances of the developer behind the property they are targeting.

Pioneer and leader

“In this regard, we believe we could easily convince our prospective homebuyer considering that Phinma Properties has been the pioneer and leader in affordable medium and high-rise housing in the Philippines,” he explained.

The company, which began operations in 1987, has already delivered seven communities: one in Parañaque City (Fountain Breeze) and six in Quezon City (Sunny Villas, San Benissa Garden Villas, Spazio Bernardo, Spazio Bernardo West Villas, Smile Citihomes and Smile Citihomes Annex).

“Our prospective homebuyers, especially for our two up coming projects in Quezon City, the Flora Vista and Sofia Bellevue (scheduled to be launched within the year), usually visit some of these developments so they have an idea on how we have performed,” informed Grant Orbeta, Phinma Properties VP for Marketing.

He explained that a typical condo studio unit of Phinma Properties, for example, measures 30 square meters, much bigger than the 20 sq m that most developers offer.

Comparable

“But the price of this 30-sq-m unit, is comparable to the price of the 20 sq m. In fact, because of the size that we offer them, these studio units are often converted into a one-bedroom unit, making it real value for their money. In some of our communities, a condo unit can be bought for less than P1 million or have the option of buying the adjacent two to three units, which other developers won’t allow,” Orbeta said.

According to him, a lot of their inquiries usually revolve around how Phinma Properties is able to deliver 50 percent more space for the same price as other developers as well as 25 to 30 percent less construction cost per square meter unit.

“The answer partly lies on our history: Phinma Properties belongs to the much larger, Phinma Group, which has been in existence since 1956 and whose core business for the past 50 years was construction materials, including cement and steel (today, however, the group is more focused on shelter, education, power, mining and financial services),” Uy said.

Phinma Properties also invested in a building system that enables them to build structures more in a much shorter time, thus allowing fast turnover.

“Our homebuyers avoid doubling up their rental and amortization expense since they are able to move at a much shorter waiting period,” explained Orbeta.

Lifestyle amenities

He added that despite the lower price of these units, the community that they belong comes with modern lifestyle amenities that included a clubhouse, fitness hub, playground and playing court.

“Some of these communities even have swimming pools for the kids and adults. And because the designs are built around the cluster concept, homeowners enjoy a common space for entertainment while maximizing privacy and security,” Uy added.

An excellent example is the Fountain Breeze on Lombos Avenue in Sucat, Parañaque City. This 3.1-hectare development offers medium-rise walkup as well as high-rise condos.

Orbeta added that interested homebuyers will already find a thriving community equipped with amenities such as multifunction hall, trellis garden, walking paths and jogging lanes, badminton court, fitness hub, children’s playground, swimming pool as well as kid’s wading pool.

Team of experts

Moreover, Phinma Properties has Post Project Management Group, a team of experts who ensures the formation of a homeowners association while making sure that the turned over community remains secured, maintained and fully functional.

Uy said this same group will ensure that its two upcoming projects in Quezon City will deliver as promised.

Expected to be launched in the first quarter of this year, Sofia Bellevue is 1.6-hectare development that will offer five residential buildings offering 748 units with sizes from 21 sq m to 36 sq m and 40 sq m.

Located on Capitol Hills Drive, Old Balara, Quezon City, it offers future residents breathtaking sight of the Capitol Hills Golf and Country Club and is a few meters away from the University of the Philippines-Diliman, Ateneo de Manila and Miriam College.

Attractive

“This is why the project is so attractive to students and their parents as this development offers them a much better deal than renting a unit,” Orbeta said.

Flora Vista on the other hand, is located at the corner of Peacock Street and Commowealth Avenue in Quezon City.

This 1.8-hectare Southern-inspired property will feature nine five-story walk-up condo offering 870 units ranging from 30 sq m, which are expandable to 60 sq m or 90 sq m.

Flora Vista is just a few minutes from the Trinoma and SM North Edsa malls as well as the UP-Ayala Land Techno Hub.

“Which makes this development very attractive to those working in the various business process outsourcing firms located in this area,” Orbeta concluded.