PH1 World Developers, Inc. seeks to generate as much as P30 billion in sales from the two phases of its planned residential condominium project in Pasig City.
The property developer on Wednesday led the groundbreaking ceremony for the first phase of the unnamed condominium project, which will have three towers. The entire project will sit across a two-hectare lot in Dela Paz, Pasig City.
“We are eyeing P11 billion (for the first phase,” PH1 President Gigi G. Alcantara told reporters on the sidelines of the event. “If we combine it with the second phase, it could be P25-P30 billion.”
The first phase of the project will have about 1,600 units measuring 20 to 40 square meters.
The construction of the first phase would start in 2026 and it would be completed by 2030, PH1 Assistant Vice-President Spike Alphonsus Ching told reporters. The first phase will cost about P5.5 billion.
PH1 partnered with the landowner Velfox Manufacturing Corp. for the project. They will share the revenue under the deal.
Mr. Ching said PH1 will observe market reception for the first phase before deciding on the number of towers for the second phase. “We will look at the market. If the take-up is good, we might increase it.”
“The initial plan (for the second phase) is at least the same density. It might be a different configuration,” he added.
PH1 is the real estate arm of publicly listed Megawide Construction Corp. — Revin Mikhael D. Ochave
