SCALEMODEL The 21-hectare Saludad is the first project of Phinma Properties outside Metro Manila, Cebu and Davao. —PHOTO FROM PHINMA CORP.
Outside Metro Manila, new developments are sprouting, owing to the fact that developers are now seeing the potential of destinations outside the capital region.
With property investment management firms declaring the provinces a more attractive market for potential homeowners, big and new names alike have stretched their reach toward these vibrant cities.
Lying more than 700 kilometers south of Manila is Bacolod City, which, apart from having the famous chicken inasal, is now showing an “emerging economic prominence.”
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Phinma Corp., the conglomerate led by businessman Ramon del Rosario Jr., is betting on this promise to help generate revenues and drive growth for its property arm.
Last week, Phinma unveiled the P12-billion Saludad township in the city tucked within Negros Occidental.
The 21-hectare project is the first venture of Phinma Properties outside Metro Manila, Cebu and Davao.
“This township will provide Bacolodnons and other locals more opportunities to improve their lives while finding their own community in Saludad,” says Phinma chair and CEO Del Rosario.
“This certainly inspires the group to harness our businesses’ strengths and ramp up investments to boost development in our regions and impact more lives,” he adds.
Data from the Philippine Statistics Authority show that Bacolod accounted for 13.9 percent of Western Visayas’ P955-billion economy in 2022.
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Apart from commercial establishments, Saludad will also offer schooling through Phinma Education and hotel and event spaces through Phinma Hospitality.
Completing the township will be Likha Estates, a residential community that was launched together with Saludad.
The 94,000-square-meter (sq m) project will have 227 lots ranging from 200 sq m to 340 sq m, according to the Phinma Properties website. Units may be bought at P8 million to P14 million each.
Raising capital
In the first half of the year, Phinma, whose other businesses include education and construction, registered a net loss of P22.14 million from a net income of P208.76 million due to a “challenging macroeconomic environment,” specifically in construction materials and property development, making it difficult to generate higher profits.
Revenues in the January to June period reached P10.37 billion, up by 17 percent.
Parent firm Phinma is set to conduct a stock rights offering this quarter to raise P1 billion. Part of the proceeds will be used to develop Saludad and support projects of Phinma Construction Materials Group.
“With this offering, Phinma can better support its investments in current and upcoming business ventures—allowing us to cater to more Filipino families and communities,” Del Rosario says.