South City Homes launched in Bulacao

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By Katlene O. Cacho

Friday, October 11, 2013

HOMEGROWN real estate player M&E Family Realty Development Inc. launched last Wednesday its third residential project in Bulacao for the mid-high market.

The company also announced they will launch one more residential project in Minglanilla before the year ends.

M&E president and chief executive officer Basil Ting expressed confidence the project will successfully take off given its strategic location near the South Road Properties, where commercial and residential establishments by giant companies like SM and Filinvest are being built.

The South City Homes Bulacao is the company’s third project since the company ventures into residential developments in 2004. M&E focused on leasing commercial establishments in the early 1990s.

Ting’s family also owns Cebu Parklane International Hotel, GT Industrial Development Inc., Luminoso Manufacturing Corp., Tenessee Feedmill Inc. and Ishop.

Ting said the shift to residential developments is buoyed by the growing demand for housing in the country. He said despite the growing number of local real estate players in the market, demand has steadily been growing due to the growth in population and the expanding middle-income earners, including those employed in business process outsourcing (BPOs).

Engr. Neil Rom of M&E also added the expansion was prompted by the sales take-up of their past two projects. Most of their buyers come from the overseas Filipino workers segment, particularly seafarers.

OFW remittances contribute about a tenth to the country’s gross domestic product. Research firm CBRE said that OFWs and the expanding middle income earners continue to drive the horizontal residential markets.

South City Home Bulacao sits on a 5,000-square-meter area. This subdivision houses 40 townhouse units priced from P3.9 million to P8 million.

The planned South City Homes in Minglanilla is a high-end residential development with 70 house units in a two-hectare property. Ting declined to disclose the firm’s existing land bank in Cebu, but he said they have acquired some properties that will be developed into residential projects, depending on the market demand. They might also venture into vertical projects.

Ting added they will also start developing their low-cost housing soon as mandated by the government.

“We maintain a positive outlook in the real estate industry here driven by Cebu’s strong economic growth,” said Ting.

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Developer plans socialized units in Minglanilla

By Jeandie O. Galolo

Saturday, September 21, 2013

INSTEAD of developing properties solely for the high and mid-market, a homegrown real estate developer decided to venture into socialized and economic housing for the “underserved” sector before the end of the year.

Cebu Landmasters, Inc. President and Chief Executive Officer Jose Soberano III disclosed on Tuesday that the company will launch their socialized and economic housing project on a 6.5-hectare lot in Linao, Minglanilla before the end of 2013,
with 400 houses expected to rise in the next few years.

This move, according to Soberano, shows the company’s desire to provide homes to the “underserved” sectors of the society instead of just focusing on the needs of more affluent markets.

He said that by “underserved”, he meant those who earn P10,000 per month or less.

Just recently, Cebu Landmasters celebrated the topping off of its 12th project, the Midori Residences, on A.S. Fortuna St. in Mandaue and broke ground for another mid-rise condominium project, the Mivesa Garden Residences, in Barangay Lahug.

P400,000 per unit

Both of these cater to the high and middle market.

Soberano said each house will cost around P400,000 and below for the socialized housing, with an estimated lot area of 32 square meters. “Economic” housing units can go for P600,000 to P1 million.

Residents can also enjoy amenities like a clubhouse and community centers and will be provided with security like that of most subdivisions, said Soberano.

In addition, he emphasized that owning a house nowadays in a socialized housing community is no longer a problem since banks and other financial institutions offer housing loans with low interest rates.

PAG-IBIG or the Home Development Mutual Fund, which he cited, is encouraging such kinds of loans. He said that for a 25-year payment period on a P400,000 housing loan, one will be paying less than P2,000 a month.

Urban development requirement

Rather than renting a property, Soberano advised those who wish to own a house, but don’t have enough money, to avail themselves of a housing loan.

Soberano said he is also eyeing on developing more socialized housing projects, but hopes that others in the private sector will also do the same.

“Let the private sector or developers look at this area. We cannot just leave this to Habitat (for Humanity) or Gawad Kalinga. We also have a major role to play here,” he said.

Republic Act 7279 or the Urban Development and Housing Act of 1992 mandates developers to use 20 percent of their total project costs to “build new settlements or implement slum improvement and resettlement programs, enter into joint-venture projects with the local government units or housing agencies, and participate in community mortgage programs.”

Compliance

Soberano said although there are various ways in complying with the law, the “real compliance is still putting up (socialized) houses.”

He said he envisions to put up a four- or five-story building in a one- or two-hectare property in the city as part of the company’s socialized housing advocacy.

“If we (developers) don’t give them that kind of alternative, then they (underserved sectors) will continue to just flourish in the urban areas…in places that are not really equipped for residential living,” Soberano said.

Instead of just focusing on how much money developers can make out of it, he said it is better to think of how it can contribute to the improvement of communities.

“Economic growth? I would say it’s now more on trying to put some kind of shift on ‘attitude’. There’s an ‘attitude shift’. If you have a home that is properly managed, you have set some line of discipline.”

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