P.A. Properties plans to set up 16 housing communities in the Philippines in the next five years, to add to the 40 affordable housing projects.
The company also has plans for 25 future projects estimated to generate up to PhP25B in revenues.
“The current housing backlog stands at over 5.9 million countrywide, with socialized and economic housing accounting for the bulk of this requirement,” said Romarico “Bing” Alvarez, chairman of P.A. Properties.
P.A. Properties is well-positioned to capitalize on the huge housing backlog with 137 hectares of landbank.
For 2017, P.A. Properties ended the year with PhP11.8B in total assets. In the same year, the company infused PhP 835Mn in equity, increasing its total equity to PhP3.1B.
“The government needs to develop the synergies and participation of all stakeholders, including the private sector, employers, citizens and development partners in the provision of shelter,” Alvarez said.
“People migrating to the cities and who are looking for places to live in are taking matters into their own hands by occupying land—building shacks and makeshift houses on vacant lots. Unless the government and the private sector come up with solutions, the pattern of land occupations and the clamor for decent housing will likely continue.”