High-end property developer going into mass housing

Real estate firm Primex Corp. seeks to create a new revenue stream by diversifying into the mass housing business.

In a disclosure to the Philippine Stock Exchange on Wednesday, Primex said its board had approved a plan to form a wholly owned subsidiary that would undertake mass housing projects.

Primex has been involved mainly in the high-end residential property development projects, such as Goldendale Village in Malabon and The Richdale in Antipolo City. Both projects are being sold on a lots-only basis.

Primex has also completed the development of Goldendale II, a 4.6-hectare mixed-use project.

Another key project is Tresor Residences, a mid-rise residential condominium along Gov. Pascual Avenue, Malabon City.

In 2015, Primex acquired a majority stake in affiliate Primex Realty Corp., the developer of a 31-story residential tower in Salcedo Village, Makati called The Stratosphere.

The company is currently valued by the stock market at about P8 billion.