PH1 targets expansion with 200 hectares for future projects
By Revin Mikhael D. Ochave, Reporter
REAL estate developer PH1 World Developers, Inc. is eyeing 200 hectares of land in the next two years to support the company’s development plans, its top official said.
“Our target is 200 hectares (of land bank) in the next two years,” PH1 Chairman and Chief Executive Officer Edgar B. Saavedra told BusinessWorld in a recent interview.
Mr. Saavedra said that PH1 is looking at areas such as Taytay, Pasig, Bulacan, and Cavite to support the company’s land banking efforts.
“We are looking for land on the fringes of the Greater Manila area. There is demand. The bandwidth is in this area. We want the fringes because these are more affordable,” he said.
“For the 200 hectares of land, we plan to do housing and medium-rise developments,” he added.
Mr. Saavedra said that PH1 currently has 50 hectares of land bank situated in Cainta and Taytay in Rizal, Pasig City, Cavite, and San Jose Del Monte in Bulacan.
“The 50 hectares of land bank can do seven to eight projects already,” he said.
Mr. Saavedra said that PH1’s land banking efforts will be mostly done through joint ventures (JVs).
“The land banking will be done through JVs so that it will not be too heavy on our cash flow,” he said.
PH1 is the real estate arm of listed infrastructure conglomerate Megawide Construction Corp.
Mr. Saavedra previously said that PH1 is expected to contribute “substantial earnings” by 2026 as two of its ongoing projects are scheduled to finish construction.
PH1 recently launched a P2-billion mid-rise residential housing project in Imus, Cavite as well as residential condominium project in Pasig City with two phases that are expected to generate as much as P30 billion in sales.
Megawide bought PH1 from Citicore Holdings Investment, Inc. in July last year for P5.2 billion, as the conglomerate sets its sights on the below-middle-income and middle-income segments of the real estate market.
Other PH1 projects include the Modan Lofts Ortigas Hills condo project in Taytay, My Ensō Lofts in Quezon City, The Hive Residences condo in Taytay, and the Northscapes housing development in Bulacan.
It also has a joint venture with Property Company of Friends, Inc. to build the One Lancaster Park condo project in Imus City, Cavite.