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Phinma Property's IPO pushed to 2013

InterAksyon.com means BUSINESS

MANILA, Philippines - Phinma Property Holdings Corp. will wait until next year for a long-delayed initial public offering (IPO).

Willie Uy, Phinma Property president, said the company is building up its business this year in preparation for next year's maiden share sale.

"We hope the market continues to be good by that time," said Uy, referring to the record performance of the Philippine Stock Exchange index this year.

Last year, the 35-percent owned affiliate of Phinma Corp. postponed its planned IPO amid the expected slowdown in the low-cost and affordable segment of the market on tighter competition and massive supply.

In preparation for the IPO, the company is beefing up its pipeline of products with the development of three to four residential projects in Alabang, Pasig and Sucat. The company will spend P5.7 billion to bring a total of 6,562 units in the market in the next three years.

In 2011, Phinma Property only launched one project, AsiA Enclaves Alabang, which marked its entry into the upper- to mid-affordable market and a return to the south after the success of Fountain Breeze along Sucat Road.

The company also plans to duplicate its urban relocation project in Quezon City in other cities. In the fourth quarter of 2011, Phinma Property signed an agreement with the Quezon City local government for the delivery of 1,000 low-cost units under the Bistekville II Project.

Last year, Phinma Property raised P1 billion from the sale of corporate notes to bankroll land and technology acquisitions.

The real estate company’s operating income fell to P70.9 million in 2011 from P134 million in the previous year.