Listed real estate developer Primex Corp. unveiled four new projects, including a 50-story tower along Edsa in San Juan City.
Primex president Ernesto Ang said Primex Tower would rise at the corner of Edsa and Connecticut Street at a cost of P3.6 billion.
“The estimated cost of the building is P2.6 billion while the lot is almost close to P1 billion, so the total project cost for Primex Tower will be around P3.6 billion,” Ang said.
Ang said other projects in the pipeline are Vistas Terrazas, a 7-hectare project in Tagaytay City; Twin Golf Tower on Annapolis Street in Greenhills; and 30-story Lyf Residences Tower near Gilmore Street, in partnership with a foreign serviced apartment operator.
Primex, whose completed projects include high-end residential projects Goldendale Village and Tresor Residences in Malabon City, The Richdale in Antipolo City and The Stratosphere in Makati City, booked a net income of P23.7 million in the first quarter, slightly up from P25.1 million a year ago, as gross revenue increased to P88.4 million from P78.4 million.
Ang said the company planned to keep some commercial space on the ground floor of The Stratosphere to have a recurring income.
“Income for this year is definitely more than last year. We have incoming transactions that will generate income, so the expected income will be more than last year,” said Ang.
“We’re now moving on to other projects. But then, it depends on how fast the government can react,” he said.
Ang said the Tagaytay project is located on the ridge side overlooking Taal Volcano, where the price of a condominium unit is in the range of P150,000 per square meter. He said the company which owns a 30-hectare site in Malabon City, expects the price of lot in the area to rise from P6,000 per sqm to P20,000 per sqm.
He said there was also a plan to develop a new housing subdivision project in Batangas province, where the company owns a 56-hectare property.