Primex eyes 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 may undertake mass housing projects.

Previously, Primex was involved mostly in high-end residential projects, such as Goldendale Village located in Malabon and The Richdale, situated along Sumulong Highway, 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. It is likewise selling only lots in this project.

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

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

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