Listed property developer Primex Corp. remains bullish as it prepares to embark on the development of its project pipeline.
Primex Corp. president and chief executive Ernesto Ang said in a report during the virtual annual stockholders’ meeting on Friday the company was drawing up development timetables for Twin Golf Residences mixed-use tower project in San Juan City, Lyf Residences tower project in the Ortigas Ave.-Santolan area and their Tagaytay City property.
He said the development of the 50-story Primex at the corner of EDSA and Connecticut was also on schedule to meet the target completion of mid-2022.
“Even with community lockdowns, we have continued the development of the 50-story Primex Tower along EDSA corner Connecticut, Greenhills,” Ang said.
“As we speak, the four-level sub-structure or basement is already completed and we are now on the 38th level of the super structure,” he said.
"The company also expects the completion time table to be as scheduled in mid-2022," Ang said.
"I believe Primex Tower will significantly contribute to the recurring income of the company for many years to come once it is completed and operational," he said.
Ang said the company finalized an agreement with the world-renowned Accor hospitality management group for the location and operation of a Pullman Manila Hotel at the tower.
"We have already finalized an agreement with world-renowned hotel operator Accor to manage the Pullman Manila Hotel that will occupy the ten topmost floors of Primex Tower," Ang said.
He said Primex pulled through the 2020 pandemic year virtually unscathed, after posting record profits and sales, giving the company a war chest to embark on development of valuable property assets.
"Even with the COVID-19 pandemic, 2020 was still relatively a good year for the company in terms of real estate sales. Total revenues from real estate sales was 20 times that of 2019," Ang said.
"This increase in real estate sales came almost entirely from sales attributable to the Stratosphere," Ang said, referring to 31-story The Stratosphere tower project in Salcedo Village, Makati City.
“On the leasing side, we still manage to record a 370 percent increase in rental take-up for 2020,” Ang said.
"For 2021, the company projects a revenue decline from both real estate sales and rental income as a number of lessees are requesting for rental waivers," Ang said.
Ang said that they were banking on the resumption of sales of lots in their Goldendale housing project in Malabon City to bring in revenues.
"As to our Goldendale project, we have noticed that real estate prices in the area have appeared to have stabilized. On that note, we have resumed sales activity for our Goldendale Subdivision although we have significantly increased the selling price per square meter," Ang said.