WITH THE GLOBAL credit crisis threatening to cast a dark cloud over the country’s improving real estate market, property developers here have learned ways to afloat from previous experience

“The global economic meltdown, beyond doubt, will eventually take its toll on the country’s still recovering real estate sector. But this does not mean developers will put everything on hold and wait for the situation to become more favorable,” said Phinma Property Holdings Corp. President and CEO Willie Uy. Instead, developers like Phinma Properties have learned to deal with the situation.

“During these times, we seek landowners who would be willing to form a joint venture with us. This (arrangement) is more convenient to them while in our case, we won’t be too exposed,” Uy explained.

In fact, this is what Phinma Properties has been doing for a couple of years now, especially to idle properties located within Metro Manila.

“Most of these landowners would love to see their properties converted into something that will give them profit. But with the tough business climate they will have to face and the huge sum of money they will have to shell out, they are often forced to put their plans on hold,” said Phinma Property Holdings AVP for Marketing and Design Grant Orbeta.

But with the kind of arrangement Phinma Properties offers, a number of these landowners are now benefiting from such a win-win offer.

“The best example would be our latest project in Sucat, Parañaque City. The 3.1-hectare Fountain Breeze on Lombos Avenue enables its landowner to profit from every unit we sell and even in each increase in the price of the units,” Orbeta explained.

He added that the landowner got to enjoy the fruits of the partnership much sooner because Phinma Properties utilized a unique construction method that enables them to deliver units a lot quicker.

Cast-in-place

“Phinma Properties utilizes state-of-the-art building technologies such as cast-in-place system, that allows us to build structures at a rate of one floor per day or a four-building cluster of 116 units in 60 days,” Uy explained.

For example, Fountain Breeze’s high-rise structures used the so-called tunnel form system, in which story-height inverted L-shaped units are locked together to make inverted U-shaped wall, floor and ceiling forms.

In fact, Phase 1 of Fountain Breeze with five buildings and 493 condo units was turned over to buyers in five months. Phase 2 recently topped off the 11-story building in three months and target completion is next month.

“Traditionally, developers would construct walls and floors separately. Using these casts that form as single units, they could be stripped and repositioned the next day, allowing for a quicker building time. Also, using these tunnel forms, allow for smooth walls (courtesy of the form’s steel faces) that no longer require cement plastering,” Orbeta said.

Amazing

But even without considering these advantages, Uy explained that a lot of homebuyers would fine projects like Fountain Breeze hard to pass up, which means that units will get sold much quicker and the landowner is assured of profits.

“Fountain Breeze is strategically located between Makati and the Alabang/Filinvest growth area. It is also minutes away from Naia and the new Philippine Air Transport and Training Services’ College of Aeronautics is just a next-door neighbor. In fact, some of our country’s future airline personnel have discovered Fountain Breeze and are now happily residing there,” Uy shared.

He also added that the development offers a clubhouse that features an expansive badminton court, a fitness gym, a playground complete with a mini playhouse, slide and swing as well as a swimming pool that features a wading area for the kids.

“Units are affordably priced starting at P877,000 available with an easy-on-the-pocket payment terms. For those interested, we have two new model units—a 2-bedroom 40-square-meter unit and a 60-sq-m unit (combination of two 30 sqm units)—on display at the clubhouse,” Orbeta said.

The three-bedroom 60-sq-m model unit features a spacious living, dining area, kitchen, bathroom, washing area and den/TV room (convertible to a guest room) in one unit while the other unit has a master bedroom with master bathroom, a girl’s bedroom, and a study area in the hallway.

The other model unit already on display at the project site is the one-bedroom 30-sq-m unit.

“Our buyers have a choice of unit or units in the five-story medium-rise structures in Phase 3 or in the high-rise 11-story buildings, all with elevators in Phase 2,” Orbeta said.