HOUSE BILL MANDATING CONDO DEVELOPERS TO SHARE IN SOCIALIZED HOUSING SUBMITTED FOR PLENARY ACTION.

THE House of Representatives’ Committee on Housing and Urban Development has reported out for plenary deliberation a bill making mandatory the participation of condominium developers in the socialized housing program.

House Bill 3189 is among the 13 new priority measures President Aquino recently presented before the Legislative Executive Development Advisory Council.

Party-list Rep. Bernadette Herrera-Dy of Bagong Henerasyon, the author of the bill, said the measure requires developers of condominiums to develop low-cost housing units equivalent to 20 percent of the total condominium area.

However, the bill also gives condominium builders an option to allocate 20 percent of the condominium project cost for the development of affordable housing for ordinary Filipinos.

The bill seeks to amend Republic Act 7279, or the Urban Development and Housing Act of 1992, by adding condominium developers among those mandated to pursue socialized housing projects.

Originally, only developers of subdivisions are required to comply with the balanced housing development (BHD).

The BHD may also be carried out by developers for new settlement, slum upgrading or renewal of areas for priority development, joint-venture projects with either the local government unit or any housing agency, participation in the community mortgage program and acquisition of resettlement bonds.

Dy asked her colleagues for the swift approval of the bill, saying that while the government has been embarking on numerous housing projects for low-income Filipino families, socialized housing remains inaccessible to the poor.

“Demand for housing continues to grow as the Philippine population continues to grow rapidly,” said Dy.

The legislator disclosed that the housing needs over a five-year period starting 2005 has been projected to be about 3.75 million units.

“With the vertical housing development trend nowadays plus the bigger percentage of housing needs in the urban areas, the share and participation of the private sector in socialized housing has to be reassessed and restructured to include vertical housing developments, such as condominium projects, to help mitigate, if not eradicate this backlog of housing needs in the country,” she said.

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Developer invites local retirees

By Katlene O. Cacho

Tuesday, January 3, 2012

DEVELOPER Megaworld Inc. is optimistic it can entice local retirees to buy units in their latest condominium development, 8 Newtown Blvd. in Mactan, Cebu Province.

The firm, described to be the country’s leading “township developer,” expanded operations to Cebu and built a residential project targeted at retired foreigners.

According to Roselou Tandoc, Megaworld International sales director for Kuwait, Beijing and Cebu, the firm’s 16-hectare development in Lapu-Lapu City is called The Mactan Newtown, which follows a “live-work-play” master plan.

The 8 Newtown Blvd., which will have four 15-storey towers, is the company’s first development in the area. Other projects planned for the location include a shopping center, hotels and a BPO building that can accommodate up to 2,500 seats.

Tandoc said that although the condominium project is positioned for Japanese retirees, they hope to also attract local retirees.

“This is a new development where local retirees can get to enjoy a Japanese-inspired development,” Tandoc said, during the project’s recent soft launching.

She said retirees can choose between executive studio units at 40 sqm and one-bedroom units at about 50 sqm, all fully-furnished. Its pre-selling prices range from P3.8 million to P4.8 million.

Among the project’s amenities are a wellness center, “onsen” rooms (indoor spa rooms), multipurpose/tea room, rock garden, “niwa” (a traditional Japanese garden with plants, shrubs, mosses and ferns), koi pond, ikebana and origami rooms, and wading pool.

Partnership

The 8 Newtown Blvd. is adjacent to Shangri-La Mactan and Portofino Beach Resort.

Megaworld recently signed a partnership with the Philippine Retirement Authority to facilitate Special Resident Retiree’s Visa (SSRV) applications of qualified foreign clients through their investment in 8 Newtown Blvd.

“The Japanese market finds the Philippines very attractive because of the strong presence of their fellowmen in the country and its proximity to Japan,” said Philippine Retirement Authority general manager Veredigno Atienza.

Japan is one of the country’s top three travel markets. Latest reports from the Department of Tourism showed 343,355 Japanese visited the country from January to November last year.

Tandoc said Japanese retirees now look for alternative retirement destinations following the calamity that hit Japan last year.

According to Megaworld marketing consultant Abigail Tabuchi-Sumida, the standard retirement age in Japan is 65 but many retire as young as 40 years old.

“Those in their 30s are already investing for their golden years,” said Tabuchi-Sumida.

She said expensive nursing homes and the high cost of living in Japan are the two factors driving citizens to look for alternative retirement locations.

Atienza said that outside the National Capital Region, the preferred places for retirement in the Philippines are Baguio, Subic and Clark in Pampanga, Davao and Cebu.

“Similar to popular Hawaiian islands such as Honolulu and Maui, Cebu boasts of both natural wonders and urban conveniences, which are very appealing to retirees,” Atienza said.

“These offerings are complemented by good security in the region, along with a supportive local government and warm, sociable locals,” he said.

Locators

In November, the Lapu-Lapu City Government signed a memorandum of agreement with Megaworld Corp. for the joint venture project.

The firm is also getting accreditation from the Philippine Economic Zone Authority (Peza) to have the project declared an economic zone.

Construction is underway for One World Center, a five-level office building designed to serve the needs of top firms in the BPO and IT industries.

Some potential locators include Quantum Leap, Accenture, Hewlett Packard, Dell and IBM.

Megaworld Corp. is the developer of the 18-hectare Eastwood City, the firm’s pioneering “live-work-play township.”

Published in the Sun.Star Cebu newspaper on January 04, 2012.

Camella eyes 3 Cebu sites

By Katlene O. Cacho

Monday, December 19, 2011

ENCOURAGED by the country’s booming real estate industry, Camella, a subsidiary of Vista Land and Lifescapes Inc. (Vista Land) is set to launch 14 residential projects in new areas across the country in the first quarter of 2012.

Three of these projects will be in new areas in Cebu, a company official disclosed.

Camella Cebu North general manager Myra Lynn Gilig, in an interview over the weekend, said the company’s expansion is motivated by the country’s healthy real estate industry, supported by the growing overseas Filipino market.

Gilig noted 60 percent of the accounts of Camella are those of overseas Filipino workers.

The three new projects in Cebu, she said, are in addition to the company’s existing 33 projects here. She added the company will also be expanding their existing developments such as those located in Talisay City and Barangay Talamban in Cebu City.

Last Saturday, Camella launched four new model townhouse units at The Courtyards in Pasadena, an extension of its Pasadena community in Guadalupe, Cebu City.

The Courtyards in Pasadena will house a total of 24 three-bedroom townhouse units priced at P4.6 million to P7 million.

Interior design consultant Architect Michael Pizarro said the units are ideal for start-up or small families who wish to live in a private community.

“Our focus here is to provide a modern-day living space that is anchored on comfort and privacy,” Pizarro said, adding they have “stepped up” the idea of homes at the Courtyards to catch the attention of the discriminating market.
The house units at the Courtyards use neutral colors to promote laid-back living.

Among the project’s amenities is a swimming pool and community pavilion.

Camella Cebu already sold 40 percent of its units to mostly local buyers living in Cebu or neighboring islands.

Gilig said they are optimistic about the market considering that the project is strategically located, just minutes away from the city center. She added the low interest on home loans now being offered by banks has also helped them attract buyers.

Vista Land reported its sales for the third quarter reached over P6.2 billion, bringing the total sales for the first nine months of the year to P18.3 billion.

Vista Land chief executive officer Manuel Paolo Villar said the company is confident it would meet or even exceed its net income and sales targets for fiscal year 2011 despite market uncertainties.

For the first nine months of the year, Vista Land’s real estate revenues was at P9.9 billion while its net income stood at P2.61 billion. The company earlier said it is targeting about P3.4 billion in earnings and approximately P24 billion in sales for the full year.

“We have had three consecutive quarters of record sales, with the bulk accounted for by our flagship Camella brand. We expect to see continued strong sales performance for our company in the fourth quarter as demand for house and lots, particularly in the mid- to low-end segment of the market, continues to be robust,” said Ricardo Tan, Jr. Vista Land’s chief financial officer.

Vista Land is the holding company of five business units: Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences.

Published in the Sun.Star Cebu newspaper on December 20, 2011.

Firm unveils Mandaue project

By Katlene O. Cacho

Sunday, December 4, 2011

DESPITE numerous residential developments in Cebu, homegrown property developer Maria Luisa Properties said it is optimistic it would get a good share of the market with the announcement of its latest premier development, The Heritage, in Jagobiao, Mandaue City.

“We have been a pioneer in gated residential community here in Cebu. We know the Cebuano market well and their preferences when it comes to building homes. Cebuanos may be frugal but when it comes to homes, they (buyers) spend more than luxury,” said Annie Aboitiz, general manager of Maria Luisa Properties.

The Heritage sits on a 13.6-hectare property in Jagobiao, which Aboitiz said is the Osmeña’s family farm, Hacienda Mandaue. The property will be converted into a high-end subdivision with over 200 lots.

Lot prices range from P9,000 to P12,000 per square meter. Since it started selling this month, the firm has already sold six lots.

Aboitiz said The Heritage will have a well-designed and environment-friendly infrastructure and amenities such as a clubhouse and swimming pool; a fishing pond and parks and tree-lined streets.

Unlike other residential developments today, Aboitiz said that what sets this project apart is the completion of its roads and utility infrastructure. Construction of the clubhouse and the fishing pond is also underway.

Aboitiz said buyers can now start building their homes with ease and convenience. The Heritage requires a minimum ceiling of P2.5 million with maximum house height of nine meters.

To make the project an ideal place to live in, Aboitiz said they have retained the trees in the area and even planted 250 more trees. She said she will also be planting Palawan cherries.

Asked if the company will build more vertical projects, Aboitiz said Cebu is already saturated with condominium projects and the firm will focus on building horizontal real estate projects for Cebuanos instead.

Maria Luisa Properties was founded by Mary Renner Osmeña. Its first project was the 10 -hectare high-end Maria Luisa Estate Park, which expanded to 200 hectares of prime residential property.

Among its other projects in Cebu are The Highlands, Red Stone Village, Dancing Sun Subdivision, Maryville Subdivision, Maryville Heights, Casili Hills Subdivision, Mahogany Place, and 8 Maria Luisa.

Published in the Sun.Star Cebu newspaper on December 05, 2011.