MANILA, Philippines -- Phinma Property Holdings Corp. (PPHC) is investing up to P600 million this year on three affordable condominium projects?two in Quezon City and one in Parañaque?offering units priced at below P1.5 million.

With demand for low-cost housing remaining strong despite the global economic downturn, PPHC expects property sales this year to grow at least 15 percent from the P1 billion posted last year, company president Willie Uy said in an interview.

The three new condominium projects are the 870-unit Flora Vista in Commonwealth, Quezon City; the 748-unit Sofia Bellevue in Capitol Hills Drive, Quezon City; and the 1,710-unit Fountain Breeze in Sucat, Parañaque.

Flora Vista will have nine five-story walk-up buildings on a 1.8-hectare property while the 1.6-hectare Sofia Bellevue will have five buildings. Fountain Breeze will have 14 residential buildings on a 3.1-hectare property.

Uy said PPHC was into the ?rental replacement? market, offering affordable condominium units as low as P900,000 to individuals and households with monthly income of at least P40,000.

?Typically, we try to finish a 1.5-hectare project in a year and that?s why were able to sell cheap because whatever we saved on interest expense goes to extra income. Whatever savings we have on construction efficiency is also income,? Uy said.