By Carmelito Q. Francisco and Maya M. Padillo
July 30, 2019
DAVAO CITY — Homegrown Amalgated Properties and Management Corp. has partnered with Makati-based Pinnacle Real Estate Consulting Services, Inc. as it plans to expand its footprint to 100 buildings nationwide within the next eight years.
Manuel G. Uykimpang III, managing director of Amalgated Capital Inc., said they have been actively looking for opportunities to acquire portions or entire buildings not just in Davao but also in other parts of the country.
“The initial target for the plan to increase the number of our buildings to 100 was initially for 10 years, but at the rate that we are going, I believe we can achieve it in eight years at the maximum,” Mr. Uykimpang told BusinessWorld.
In Davao City, for example, the company recently bought three floors of the Pryce Tower and is currently in negotiations for additional units of the 15-floor building.
Amalgated Properties and Amalgated Capital are two of the five companies under the Amalgated Group, and the three others are: Amalgated Lending Inc. for financing; M. Conpinco Home Improvements for retail and distribution; and Amalgated World Import Corp. for its import-export business. The group is the largest Pryce LPG distributor in the southern Mindanao area.
In Kidapawan City, the capital of Cotabato province, the company has just completed the acquisition of a hotel with convention facilities.
Mr. Uykimpang said while most of their properties are currently within Mindanao, they aim to increase their “footprints in Luzon and other parts of the country.”
The partnership with Pinnacle Real Estate Consulting for Davao operations, he said, would be “symbiotic and cost-effective” as they expand.
“We can outsource the agent management on their part with their bag of clients. In terms of title transfer, property management, we have a complete utility and distribution network… This partnership would be cost-effective,” Mr. Uykimpang said.
Pinnacle Real Estate Consulting, which currently has offices in Makati, Quezon City, and Cebu, is opening one in the city by August.
Pinnacle President and Managing Director Michael R. Mabutol said Davao’s “buoyant economy” is characterized by growing demand in the real estate sector and supported by ongoing and planned public infrastructure.
Liz. L. Silvestre, Pinnacle consultant for hospitality and leisure, said during a press conference last July 25 that they are “very confident in entering the (Davao) market.”
“We want to serve the unexplored and untapped markets, especially in the agricultural real estate and the residential project marketing, the top developers nationwide are already present and actively investing here in Davao,” she said.
Visit BusinessWorld to view the article.
