ST. DOMINIC'S PLACE

A NEW housing development got almost 100 reservations even before its grand launching, a real estate developer said.

Glenda Tupaz, ProHomes Development Inc. marketing manager, said the company was surprised by the positive response of the market during the open house of St. Dominic’s Place in Sudtunggan, Basak, Lapu-Lapu City last Saturday.

Tupaz said this just shows the growing demand for houses despite an international economic crisis triggered by, among other factors, the sub-prime mortgage crisis in the United States.

“People have opted to buy homes rather than pay rent,” Tupaz said during the project’s press launching at the Cebu City Sports Club yesterday.

St. Dominic’s Place is a 3.8-hectare housing development with 536 housing units. It offers two housing types: one-story socialized and two-story socialized houses.

The one-story unit has a lot area of 32 square meters and costs P400,000, while the two-story townhouse has a lot area of 40 square meters and costs P900,000. The socialized houses, Tupaz said, account for 17.5 percent of the total housing units.

With a total project cost of almost P200 million, St. Dominic’s is equipped with amenities such as parks and a playground, a basketball court and a multi-purpose hall. Each house comes with a carport.

Since the start of its development in September this year, St. Dominic’s already has 200 constructed units. Its grand launching is set in January next year.

The positive response to their latest development comes in a “lucky” year for ProHomes, Tupaz said.

ProHomes has sold out 387 housing units in Corinthian Homes in Lapu-Lapu and 307 units in La Bienvenida in Minglanilla this year. Corinthian Homes earned P250 million, while La Bienvenida earned P160 million.

“With this new project set for this year, we hope to earn a total revenue of almost P700 million this year,” she said, referring to the locally employed buyers who are also members of Pag-ibig.

ProHomes hopes to earn P250 million from St. Dominic’s Place.

With the continued growth in demand for housing, Tupaz also said the company has lined up six more housing developments for next year. These projects include a condominium to be put up near the city and more housing projects in the areas of Consolacion and Mactan.

“We hope to sell 1,600 units next year,” she said.

The estimated cost of the six projects, Tupaz added, is about P1 billion.

Published in the Sun.Star Cebu newspaper on December 16, 2009

New Real Estate Company develops housing community in San Fernando

A NEW player in Cebu’s real estate industry is introducing to investors, workers, foreign spouses and residents in the southern part of the province a new housing community in San Fernando, Cebu.

Nexus Real Estate Corp. launched Tuesday night The Villagio, a 2.3-hectare property with four unit models (Bernini, Palladio, Caracaggio, and Palazzo Rosita) designed to serve the potential market in San Fernando, Naga, Carcar, and other towns in the south.


Nexus Real Estate executive vice president Shanna Lopez observed that there are not many real estate developments beyond Minglanilla.

This prompted the company to start building homes in the southern countryside, said realtor Jo Jamero of All Real Estate Realty, the marketing arm of Nexus Real Estate.

He pointed out that putting up a development in San Fernando is advantageous, given the town’s small population and the cheap cost of living. He added that the municipality also poses a future as an industrial zone with high employment rate.

The launching of The Villagio, Nexus Real Estate’s ninth and latest project, signals the start of pre-selling the project’s 180 units. Units are expected to be turned over to the owners in February 2010.

“One of our selling points is that the units are expandable.

They are also totally livable when purchased,” said Jamero.

The prices of the units range from P900,000 to P1.4 million.

Buyers have the option to pay their down payment in 24 months without interest. Free appliances are also available for early buyers.

Jamero said The Villagio appeals to all market classes and makes a good retirement project for local and foreign retirees.

He added that real estate is always a good investment because the value of the land always goes up.

The amenities of The Villagio include a basketball court, mini-gym, playground, concrete roads, water tank, and underground sewage system with ready water and electricity connection, among others.

Nexus Real Estate started constructing The Villagio this year.

It is its biggest project so far. The site development was completed in the early part of 2009 while construction of model houses started two months ago. The Bernini unit is now ready for viewing while the others are nearly complete.

Established in 2001, Nexus Real Estate started selling subdivided lots and building house and lots in several subdivisions in Cebu City.

Some of their previous and present projects include mid-scale community Consolacion Valley in Lamac, Consolacion; Pacific Village in Linao, Minglanilla; and the Kamalaya Residences near the South Road Properties. By Nancy R. Cudis

Published in the Sun.Star Cebu newspaper on December 10, 2009.

CEBU CITY DECLARED A RETIREMENT HUB

It has facilities to accomodate growing number of retirees

The country's overall authority on the local and foreign retirement industry yesterday declared that Cebu City is now known as a world class retirement hub in the whole visayas.

Through a memorandum of understanding signed yesterday by Cebu City Mayor Tomas Osmeña and officials of the Philippine Retirement Authority (PRA), Cebu City was officially declared as a Local Integrated Retirement Area (LIRA), due to the City's facilities that may accomodate the continuous entry of foreign nationals and "balikbayans",who hope to retire int he Philippines "in style."

The LIRA project, as it is called, is not only meant to attract foreign nationals and former Filipinos to invest, reside and retire here, but also to help accelerate the country's socio-economic development through the dollar revenues it may earn.

MORE JOBS
Aside from Cebu, other known LIRAs in the country are Baguio, Subic-Clark and Davao.PRA Chairman and retired Police Director General Edgardo Aglipay said in a press conference yesterday that the LIRA project for Cebu City will not only increase tourism development, but also provide more employment opportunities.

Aglipay said that as more foreign retirees avail themselves of the country's retirement package, more jobs will be created in some fields, such as hotel and restaurant services, accomodation, infrastructure, health and wellness, individual care service programs, and others that are well-suited to the distinct requirements of the foreign retirees market.

Three years ago, Aglipay said Osmeña convinced him to make plans to turn Cebu City into a LIRA.

HIGHER REVENUES
He said the mayor personally drove him to some of the sights in the city and explained to him the good points the city cn provide to foreign retirees.
Aglipay said that there was an increase of "young" foreign retirees (those still near the age of 50 or below) coming to the country for a span of three years. Majority of them came from China.

Joel Mari Yu, managing Director of the Cebu Investment and Promotion Center said the retirement industry can help Cebu City earn more revenues.
Yu said that some industries such as the local housing industry, can also benefit from the LIRA project as retirees oftentimes purchase houses.

Aglipay added that the project can also improve on government private sector relations, through coordination with other government agencies.JKV
SOURCE: SUNSTAR CEBU

HLURB names ABOITIZLAND top producer

The Housing and Land use Regulatory Board (HLURB) has named ABOITIZLAND, Inc. as its Top Producer of Shelter Units in the open-market category in Central Visayas.

The developer was presented with a certificate of award at the close of the shelter Month Celebration on Oct. 30, 2009.

Exhibits and other activities organized by the National Housing Authority, the Housing and Urban Development Coordinating council, the Home Development Mutual Fund, private developers and the HLURB marked the celebration in Cebu last month.

The HLURB made an evaluation of real estate developers based on number of units produced in 2009. ABOITIZLAND bested other developers selling units within the mid to high end market.

BOITIZLAND vecinos (spanish for neighbors; aboitizland uses this term to refer to its clients/ homeowners) enjoy the fastest turnoround rate within the sector. They are the only proeprty buyers in Cebu accepting turn over of their units within two years of payment confirmation as Aboitizland is "continuously building and on target."

Its first venture into condominium development, The PERSIMMON, has been reported to be quickly selling." The first of its four residential towers within the village, the West Tower, topped off just last month, was sold out within a year of its launching. Pre-selling of the succeeding North tower is also going on briskly.

Now on its 15th year, ABOITIZLAND has developed just as many communities. It has carved its niche in cebu's real estate industry as a trusted developer and collaborated with the best talents worldwide to create the ideal home environments for many individuals and families.

This is the first year that the HLURB handed Top Producer awards in Region 7. ABOITIZLAND shared the spotlight with 8990 Development Corp. which won the top spot in the socialize and Economic Housing Category.

New perspective in condo living at WOODCREST

Nestled in a serene nook in Guadalupe, Cebu City, WOODCREST Residences provides harmony between one's dynamic lifestyle and one's pursuit of gracious living and comfort.

It is a new residential enclave bordered by a manicures garden and strolling lane that offers a new perspective in urban living.

The WOODCREST Residences is Primary Homes Inc.'s newest condominium that was designed to encourage its residents to maximixe the use of the natural elements in its surroundings where one can breathe in the fresh air, and enjoy the lush view of the outdoors from the generous bliss of spacious corridors.
it is conveniently situated as it is just minutes away from malls such as Fooda Savers Mart, Robinson. Ayala Center Cebu. it is also near the Cebu Doctor's and Chong Hua Hospitals, and the Povincial Capitol Building.

The 11-floor building houses 160 residential units consisting of studio, one bedroom,two bedroom, and three bedroom with loft units.
Each room is fitted with an elegant kitchen, the floors tiled with painted walls, partitions and ceilings, with tiled toilets and bath fixtures.
"Every unit has individual porches and private balconies that would usher in natural light, minimizing the use of electricity during the day." said Ramiro Espina, sales manager of Primary Homes.

The property has also a clubhouse with its own function rooms. all residents can enjoy its amenities which include a lobby, gym, fountain, reception, elevator, jogging trail, and playground. It also has a guardhouse to ensure the securitys residents.

Moreover, WOODCREST Residences is equipped with its own water treatment facility.

Inculcating a concern on the environmental impact of their projects, Espina said "Developers should be more responsible,a nd we at Primary Homes, are starting to inculcate the value of environmental concern and care into our projects."
All these add up to a worthwhile investment in condo living that is hassle free and relaxing.

WOODCREST Residences is a project of primary Homes, the premier developer of subdivisions, condominiums, and other residential projects in metro cebu.
Primary Homes Inc. offers free site visit to its model units... call 232-5111783

By: Katrina G. Coloso

Condo market ‘getting stronger

DESPITE the global financial slowdown, the local housing market for residential condominiums has become “robust” now that more and more Filipinos are aware of the benefits of acquiring a condo unit.

Primary Homes sales manager Ramero Espina made that observation, adding that there is now a high demand for residential condos.

However, several condominium projects in the market will be turned over only in 2012. The immediate demand has prompted real estate developer Primary Homes to deliver its condominium development, Woodcrest Residences, ahead of schedule.

Woodcrest, which started last year, was first targeted to be completed toward the end of 2010 but it will be finished by the first quarter next year. Turnover of units will start in December. The buyers can then start using their properties by February 2010.

Woodcrest is located in Guadalupe, Cebu City. It has studio units, two-bedroom units, three-bedroom loft units, and townhouses. It specifically targets the mid-market.
At present, Primary Homes has already reported a 70-percent sale of Woodcrest’s 174 units, 150 of which are condos and the rest are townhouses.

Espina said these buyers include Filipinos with most of them supported by OFW (overseas Filipino worker) relatives, businessmen with investments in Cebu, and foreigners with Filipino spouses.

He noted that the shift from residential subdivisions to residential condos has been spurred by lifestyle change, even when the condominium is considered a new trend in Cebu’s real estate industry.

“Living in an upscale residential subdivision requires high costs for maintaining the house's amenities like the swimming pool and for hiring security guards while living in a condo only requires a unit owner to pay less monthly maintenance dues,” he said.

Some of Woodcrest’s amenities are a swimming pool, fitness gym, clubhouse, multi-level parking area, porches and mailboxes for every unit, and waste water treatment facility. It also has a 24-hour security, equipped with closed circuit television system.

A Woodcrest investor also has the option to earn through renting out his space with the help of Primary Properties Management Corp.

“Real estate is a great investment. A property is equipped with fire alarms and sprinkler system so risks are controllable. It can also be insured and if it will be rented out, it ensures better returns than putting funds in the bank,” Espina said.

He cited Woodcrest investors who are assured of “higher yields at eight to 10 percent per annum.”

He added that another advantage of Woodcrest is its location in the south of Cebu City.

“The trend for business now is going south as the area ushers in more development, especially with the opening of the South Road Properties. The property is (near) hospitals, schools, malls, and offices. It is also located in one of the city’s most peaceful districts,” he said.

After typhoon Ondoy left large parts of Manila submerged, Primary Homes is anticipating more potential clients from Manila to reside in Cebu.

Published in the Sun.Star Cebu newspaper on November 9, 2009.

Persimmon’s West Tower on track

STRUCTURAL development of the 15-storey The Persimmon West Tower has been completed and AboitizLand, Inc. marked the construction milestone with a topping-off ceremony last Oct. 30.

The tower is the first of four residential condominium buildings set on the 1.4-hectare village in Mabolo, Cebu City, which was launched early last year. Construction of the West Tower started in April 2008.


The West Tower’s 157 residential units are due for turnover to vecinos (Spanish for neighbors) in early 2010, the developer said in a press statement.

AboitizLand, it said, remains the only condominium developer in Cebu turning over its units to vecinos within two years of purchase confirmation.

Its “continuously building and on-target” approach, coupled with a solid reputation for well-designed, high-quality communities, buoyed sales of The Persimmon West Tower.

For the topping-off ceremony, AboitizLand executives, led by Chief Operations Officer Andoni Aboitiz, celebrated with lunch at which they were joined by the construction workers assigned on-site.

Community

Aboitiz thanked the workers for their dedication, acknowledging that their efforts “make The Persimmon a possibility today, and in just a few years from now, a reality.”

Also at the event were representatives of The Persimmon’s general contractor, Dakay Construction and Development Corporation, project managers Asian Technicon Managers and Consultants, Inc., officials of Barangay Mabolo and residents of the areas surrounding the village.

The company continues its mission of developing nurturing communities with The Persimmon, its press stament said.

The project is designed with generous “greenscapes” that include the mabolo tree, from which the village got its name.

In a related development, AboitizLand recently adopted Gil Tudtud St. in Mabolo. Its memorandum of agreement with the Cebu City Government binds the company to widen and beautify the road and install traffic and security personnel to promote order and safety in the area. (PR)

Published in the Sun.Star Cebu newspaper on November 4, 2009.

Housing sector sees 15% growth

By Katlene O. Cacho

SUBDIVISION and Housing Developers Association Inc. (SHDA) 7 reported 15 percent to 20 percent growth in the housing sector this year.
“There is a growing market of people who want to own houses,” said Rey Ralota, president of SHDA 7, during the opening of the 2009 Housing Fair and Trade Exhibits held at SM City Cebu Atrium last Friday.
He attributed such growth to Pag-ibig’s six percent interest rate in housing loans and Cebu’s continued growth in business and tourism.
“The expansion of business process outsourcing (BPO), remittances from the overseas Filipino workers (OFW) and the tourism in Cebu have contributed a lot to the
growth of the housing sector,” said Ralota, also president of Ramman Realty.
He noted that about 70 percent of the buyers are from the local market.
“Young professionals, start-up families and OFWs are the major buyers for low- cost houses,” he said.
With the city’s continued expansion in business and tourism, Ralota added, there is no doubt the housing sector will continue to expand.
However, such expansion, he said, will depend on the availability of the government’s funds. “Yes, we can expand so long as the government’s lending portfolio remains the same or will increase,” said JJ Atencio, president and chief executive of 8990 Housing Development Corp.
8990 Housing Development Corp. was able to develop 2,000 housing units this year.
“And we are optimistic that we will develop more housing units in the coming years,” he added.
The SHDA 7, in partnership with the Housing and Urban Development Coordinating Council (HUDCC), is celebrating Shelter Month in October.
The annual housing fair and trade exhibits were conceptualized to shelter the homeless.
“Housing developers are here to exhibit different housing units to address the growing demand for houses in the region,” Ralota said.
Exhibitors
This year’s housing fair is composed of 15 exhibitors in the region, including 8990 Housing Development Corp., PrimeHomes Development Corp., Willow Park Properties, Philippine Estates Corp., Primary Homes Inc., Ramma/Buildrich Realty and Development Corp., Shelter Concepts Inc., Pacific Land Ventures and Property Development Inc., Taft Property Venture Development Corp., ProHomes Development Corp., AboitizLand Inc., Tri Star Paints Center and Construction Supply and Home Development Mutual Fund/Pag-Ibig.
The housing and trade fair exhibit will be until Oct. 30.
Aside from the housing fair, SHDA 7 will also host the Visayas-Mindanao-wide Housing Summit in May next year.
“This summit will focus on sustainable development where issues and concerns on disaster preparedness will be tackled,” Ralota said.
He also added that they will pilot the project on rainwater catchment.
“This is one of the immediate solutions we see on the problems on flooding. With this rainwater catchment, we can conserve and re-use water for other purposes,” he said.


Published in the Sun.Star Cebu newspaper on October 26, 2009.

New law to improve real estate services, industry professionalism

THE Real Estate Service Act of the Philippines (Resa) will improve professionalism in the real estate service industry in the country.

Emily Amie Cabillada of real estate service company F9 Property Development and Consultancy Inc. said accredited real estate service practitioners will be regarded as professionals like engineers, architects and nurses under the law.This, after Resa has moved the regulatory and supervisory authority of the real estate services in the country from the Department of Trade and Industry (DTI) to the Professional Regulation Commission (PRC).

As a result, DTI field offices will no longer accept applications and renewal of licenses of real estate consultants, appraisers, brokers and salespersons starting July 30. All records will be moved from the DTI to the PRC, which will create the Professional Regulatory Board of Real Estate Service.

President Arroyo signed Resa into law last June 29. The law took effect starting July 30.

Under the law, those with expired licenses or those who passed previous examinations but have not applied for a license as of July 29 will be required to take another licensure exam.

“New and tougher requirements have been adopted in the Resa. For example, a broker applicant must be a holder of a relevant bachelor’s degree from a state college or university and other educational institutions recognized by the Commission for Higher Education (Ched),” said Cabillada. She said the PRC will require applicants to be graduates with a bachelor’s degree in real estate service before they can take the licensure exam. The course, though, will still have to be developed by Ched.

For real estate salespersons, there will be no examinations but they will be required to complete at least two years of college education.

Cabillada said this is one way of upgrading the skills and knowledge of real estate service practitioners and informing the public that they will be dealing with professionals.

Resa also mandates all real estate service associations to be integrated into one national organization that will be recognized by the Professional Regulatory Board of Real Estate Service and approved by PRC as the only accredited and integrated professional organization of real estate service practitioners.

The law also provides a fine of not less than P100,000 or imprisonment of not less than two years or both against those who violate it.

INVEST IN CEBU

NVEST IN CEBU MAYOR URGES BUSINESSMEN TO INVEST IN CEBU Mayor Tomas R. Osmeña urges foreign and local businessmen to invest in Cebu amid the political turmoil that the country is experiencing today. ``Cebu is now the best place to do business in the Philippines. We have political and economic stability. The peace and order situation is relatively peaceful,’’ Osmeña said. The rallies and demonstrations calling for President Gloria Macapagal Arroyo's resignation are only confined within Metro Manila, the mayor said. The political and business leaders in Cebu are united. We have a common vision to make the city and the entire province a better place to live in. ``More importantly, we shared a united stand supporting President Gloria Arroyo,’’ said Osmeña, who is now in The Netherlands for an official trip. Aside from the stability in politics and the economy, Osmeña stressed that Cebu has an educated and skilled work force. Cebu City has world-class communication and transportation facilities, making it easy for businessmen and tourists to be connected and travel worldwide. Osmeña said the city will place some advertisements in the leading national dailies urging the investors to do business in Cebu. ``We will show to them (investors) that the Philippines is not Metro Manila. There is Cebu City, which is better for business than Metro Manila,’’ he said. During his state of the city address last week, Osmeña rallied the Cebuanos to take advantage of the political crisis in Metro Manila. ``It is really now our chance to show to Manila that they are no longer the leaders. Cebu will step into their shoes, and we will lead the way,’’ Osmeña stressed in his speech during the Cebu City Council's inaugural session. Osmeña urged Cebuanos not to be bothered by the chaotic political situation in Metro Manila. Instead, he asked the city residents to exercise a strong sense of self-reliance. ``If we, here in Cebu, are just going to react to what we see on the television and read in the newspapers, then we will be a victim of our own sense of pride,’’ Osmeña stressed. Mayor Osmeña, together with the entire city council, department heads, and rank, and file employees, have expressed their full support to President Gloria Macapagal Arroyo. (City Public Information Office) Source: http://www.cebucity.gov.ph

DEVELOPER EYES WORKERS

By Nancy R. Cudis

A REAL estate developer maintains a positive outlook on the housing sector in Cebu amid the global economic slowdown.

Prohomes Development Inc. continues to focus on the local workforce, which it describes as a “resilient” market.



“We are (feeling) the pressure to produce more units to meet the demand,” said Prohomes founder, president and chief executive officer Beverly Dayanan.

Citing figures from the Home Development Mutual Fund (Pag-Ibig Fund), she said the country needs to produce an average of 200,000 housing units every year to meet the demand.

This year, Pag-Ibig Fund plans to release some P43.5 billion worth of funding to developers nationwide, said Victoria dela Peña, department manager of Pag-Ibig Fund Mandaue branch.

About P3.5 billion of the amount is expected to be released for housing development in Cebu.

Dayanan said Prohomes hopes to get P500 to P600 million of the Cebu share, especially when the company has already identified three projects for next year that will collectively produce about 1,000 housing units.

“These projects would translate to a billion (pesos) in sales collections. Our prospects are bright. Our thrust is to continue producing more housing units through Pag-Ibig Fund,” she said.

Prohomes is the sister company of Johndorf Ventures Corp. (JVC), a wholly owned Filipino company with 20 years of experience in building houses and communities.

CEBU MEMORIAL PARK INVESTMENT

Why Invest in Manila Memorial Park CEBU???

It is very fortunate to know that more & more people have known that Memorial Lots are Secured and stable form of investment. The need for a place to be buried is a basic need for all. Changing Economies hardly affect the demand for it.

Memorial Parks in the urban areas are quickly being filled-up. Accessible and Convenient Parks are becoming difficult to find. And with the continued increase in population in the urban areas, the demand for and shortage of memorial park lot becomes more apparent.

Prices of Memorial Lots increase by not less than 15% early this year. Plus, developer gives discounts for cash buyers giving you bigger ROI within the year.

But, we should remember that there are things to consider before putting our hard earned money in this investment.

First, consider the DEVELOPER, the LOCATION, and the nature of DEVELOPMENT. In order to maximize the benefits and protect your investment, the developer must be reliable with a number of years experience in the industry. And with the noted accomplishments and previous projects you can already see.


So when you are thinking of where to put your money..........
THINK Manila Memorial Park, Liloan-CEBU

The Park in Liloan is 16km from Cebu City which is accessible by private and public vehicles (Bus, Jeepney, Tricycle, etc.) via the NATIONAL HIGHWAY.

Manila Memorial Park in Liloan Cebu has 4 LANE ROADS all through out the Park which allow our clients to park their cars NEAREST TO THEIR LOT, giving them convenience in parking.

AMENITIES:

* MODERN DESIGN *CONVENIENCE
Chapel & Admin Bldg. Wide concrete roads, ample
parking spaces, Gazebos &
Comfort Rooms

* LANDSCAPED GARDENS * SECURITY
Lagoon with fountain, 24 hours security, perimeter
Computerize underground fence & night lighting

For your Investment...

BE SAFE. Deal only with PRC Licensed Real Estate Broker.

View more photos, click https://www.cebubai.com/property/manila-memorial-park-cebu/

MYVAN Cityscape Tower

A new 14-storey Condo Residential Hotel will soon rise in F.Cabahug St., Mandaue City. This modern type Residential- Hotel Building is strategically located near Sykes Call Center. It is 5 to 10 minutes drive to SM City and Ayala Business Center and just minutes away from schools, medical centers, shopping malls, golf courses, hotels and much more. A major access road from Cebu to Mandaue and Vice Versa.

"MYVAN Cityscape Tower" is the third project of MYVAN Properties and Development Inc.
The residences of MYVAN Cityscape will be greeted by a Grand Hotel Lobby. The 2nd floor houses the MYVAN Corporate office¸ 3rd ­ 9th floor is for the Condotel Units¸ and 10th ­ 16th floor is the residential units. The roof deck includes swimming pool¸ function room, and viewing deck with 360degree panoramic view to Cebu, Mandaue & Mactan Island.
An ideal destination to end your taxing day, MYVAN CITYSCAPE TOWER gives you the full comfort of luxurious yet practical living¸ with its bar and restaurant, coffee shop and many more located at its ground floor level. It surely is the welcoming atmosphere you crave after the long day at work. Just like any individual who experiences the daily demands of the city life¸ capping your day with a drink and a flavorful of aromatic dishes is a start of the daily relaxation you deserve. Before ending your day¸ make a beeline for the pool and let the warm water drain those tired muscles away. And after¸ take solace at your one or two-bedroom sanctuary where you can capture the nightlights from your big glass windows. A perfect place to make your every day end right.

Location Map

Myvan Cityscape Tower Location Map
Available Units

Studio 20.17sqm Php1.2 to 1.5M
1-2 Bedroom 40.34sqm Php2.5 to 3M
2-3 Bedroom 60.51sqm Php3.8 to 4.5M
3-4 Bedroom 80.68sqm Php5.1 to 6M

For Inquiries:

Call: +63 32 5169798
Email: cocomaria15@yahoo.com

Pag-IBIG lowers housing loan rates anew

Pag-IBIG lowers housing loan rates anew

April 03,2009

VICE President and Chairman of the Housing and Urban Development Coordinating Council (HUDCC) and the Home Development Mutual Fund (Pag-IBIG Fund) Board of Trustees, today announced further adjustments to its end-user financing program, this time creating additional housing loan brackets with corresponding lower interest rates. The rate adjustments are aligned with the redefined housing packages set by the HUDCC.

The new Pag-IBIG housing loan interest rate structure retains the 6%-rate for loans up to P400,000, and 7% for loans over P400,000 up to P750,000.

Interest rates have been slashed from 10.5 percent to only 8.5% for loans over P750,000 up to P1 million, and to 9.5% for loans over P1 million to P1.25 million.

Meanwhile, interest for loans over P1.25 million to P2 million remains at 10.5%.

Along with the latest rate adjustment, the Pag-IBIG Board also approved the increase in maximum loanable amount to P3 million, at an interest rate of 11.5% per annum for loans starting at over P2 million.

De Castro said the latest amendments in the Pag-IBIG housing loan program are intended to make the program more affordable to members, especially workers in highly-urbanized areas whose housing needs often range from more than P750,000 up to 1 million. Likewise, with the Board’s approval of raising the loan ceiling to P3 million, Pag-IBIG will be able to meet the home financing needs of members belonging to the middle-income earners. “This should give Pag-IBIG members a wider range of choices in buying a house,” he said.

Over the last two years, the Fund has implemented significant improvements in its end-user financing program. In 2007, Pag-IBIG has reduced the interest rates for loans over P300,000 to P750,000 from 10.5% to 7%. Earlier this year, the socialized housing bracket was expanded to cover loans of up to P400,000.

With the new changes taking effect April 1, Pag-IBIG member-borrowers can look forward to more value for their money as well as savings especially at this time of economic difficulties. “The savings given the lower monthly amortizations should convince Pag-IBIG members that buying their own home is a more practical alternative to renting,” De Castro added.

Members who avail of a P1 million housing loan stand to save 15.94% per month with amortizations of only P7,689.13 (covering principal and interest) over a 30 year period, compared to P9,147.39 under the old rate of 10.5%.

Year-on-year figures show the Pag-IBIG Fund is able to maintain the growth in its housing loan takeout. From P4.59 billion, the Fund recorded a P5.83 billion total takeout from January to February of the current year, representing a 27% increase.

“The demand for housing, especially from the low and middle-income earners, continues to be strong despite the global financial crisis,” he said.

Following these amendments in the Pag-IBIG housing loan program, the Fund expects to maintain a steady growth in loans granted to members and attain its target of P43 billion takeout for 2009. “This will further sustain the housing sector by providing financing to home buyers at very attractive, affordable rates,” De Castro said. (end)