LAGUNA-BASED real-estate firm PA Alvarez Properties & Development Corp. (PA Properties), together with its joint-venture partner Hankyu Hanshin Properties Corp. (HHPC), led the groundbreaking ceremony for the first batch of dwelling units in Idesia, Dasmariñas, Cavite.
This event marked the commencement of construction of 167 houses in Phase 1 and the accompanying amenities.
Located in Barangay San Agustin 1, the initial component community of this 37-hectare property is set to be completed in May of this year.
“We are excited to be able to build high-quality houses in Dasmariñas,” said Reynaldo Ascaño, senior executive vice president of PA Properties.
“Idesia Dasmariñas will be a wonderful new home that is designed to the highest standards where people would truly enjoy living in,” he added.
Late last year, both partner firms had signed the P2.9-billion contract for their collaborative effort to expand their pioneering project in the Philippines.
Development plans would include its expansion into a mixed-used development with areas for commercial and residential units.
Added features are public amenities, such as green open spaces, jogging paths, biking trails, sports and recreation centers.
This master-planned community in Cavite will be linked by a bridge and access road to and from Aguinaldo Highway to Governor’s Drive. It forms part of the five-year plan of HHPC to kick off two to three projects annually with PA Properties up to 2023.
PA Properties capitalizes on the big housing backlog through its five-year development plans for 25 future projects estimated to build additional 15,000 housing units and generate up to P25 billion in revenues.
From its 137 hectares of landbank, the company has already finished 40 affordable housing communities with 16 more housing communities under construction. As of October 2018, PA Properties has a capitalization of P3.3 billion.