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MANILA - A company that is predominantly developing properties in Cavite is now expanding to Mindanao as Metro Manila housing market gets crowded.
In a briefing on Wednesday, Property Company of Friends Inc (Pro-Friends) vice president Richard G. Tay said their entry in Mindanao allows them to have a footprint in all of the major island groups of the country. The company currently has 11 ongoing projects in Cavite, Quezon City and Iloilo.
Tay, however, is mum on the details of their Mindanao venture as they are still wrapping up the masterplan for the horizontal development. He, however, said that they would be building and selling the home-and-lot packages located in highly urbanized areas of the region and tend to favor the first home buyers, "as they intend to live in these homes instead of just investing in them."
The company sells homes that are priced from 400,000 (socialized) up to P5.5 million (mid-income), which allows it to avail of the tax perks given to developers serving the low income brackets or those selling housing units of P3.1 million and below.
Its biggest project is Lancaster New City, with more than 1,000 hecatres and straddles General Trias, Kawit and Imus towns in Cavite. Pro-Friends' first and only vertical development is Illustrata Residences along Santolan Rd. in Cubao.
According to Tay, they find the Metro Manila housing market already saturated and thus they cannot offer housing units at the price points their target customers can afford.
"Metro Manila is now expensive," he said.
This is the reason why Cavite is the most preferred area both for developers and buyers given its proximity to Metro Manila, the relatively cheaper land, and the ongoing and future road and train projects that would open up more areas of the province to public transport.
Despite the crowded real estate market, especially in Metro Manila, Tay said they are still optimistic that there is still room for players like them who would be able to fill up 3 million housing backlog nationwide.
Pro-friends started in 1999 built its first project Villa de Primarosa in Buhay na Tubig, Cavite the following year. Chaired by Guillermo Choa, the ccompany was able to book revenues of P7 billion and a net income of P2.1 billion in fiscal year 2013 ending June.
In a briefing on Wednesday, Property Company of Friends Inc (Pro-Friends) vice president Richard G. Tay said their entry in Mindanao allows them to have a footprint in all of the major island groups of the country. The company currently has 11 ongoing projects in Cavite, Quezon City and Iloilo.
Tay, however, is mum on the details of their Mindanao venture as they are still wrapping up the masterplan for the horizontal development. He, however, said that they would be building and selling the home-and-lot packages located in highly urbanized areas of the region and tend to favor the first home buyers, "as they intend to live in these homes instead of just investing in them."
The company sells homes that are priced from 400,000 (socialized) up to P5.5 million (mid-income), which allows it to avail of the tax perks given to developers serving the low income brackets or those selling housing units of P3.1 million and below.
Its biggest project is Lancaster New City, with more than 1,000 hecatres and straddles General Trias, Kawit and Imus towns in Cavite. Pro-Friends' first and only vertical development is Illustrata Residences along Santolan Rd. in Cubao.
According to Tay, they find the Metro Manila housing market already saturated and thus they cannot offer housing units at the price points their target customers can afford.
"Metro Manila is now expensive," he said.
This is the reason why Cavite is the most preferred area both for developers and buyers given its proximity to Metro Manila, the relatively cheaper land, and the ongoing and future road and train projects that would open up more areas of the province to public transport.
Despite the crowded real estate market, especially in Metro Manila, Tay said they are still optimistic that there is still room for players like them who would be able to fill up 3 million housing backlog nationwide.
Pro-friends started in 1999 built its first project Villa de Primarosa in Buhay na Tubig, Cavite the following year. Chaired by Guillermo Choa, the ccompany was able to book revenues of P7 billion and a net income of P2.1 billion in fiscal year 2013 ending June.
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