Real estate sector sees bright prospects in Davao

December 6, 2008

Despite the economic slowdown in the global market, a major real estate player is anticipating bright prospects in Davao next year.

Maryline Lim, general manager of Samantha Homes said there is a large housing need in Davao City saying that the company is targeting the medium level market.

She said the newest Samantha Homes project is at Bago Gallera where they enrolled as Pag-IBIG City of over 800 units. The site she said will include playground and multi-purpose hall that will later be turned over to the homeowners association.

She said their company caters to employees, the overseas Filipino workers and the self-employed.

The subdivision features include water facility sourced out from the Davao City Water District, an overhead transmission lines provided by the Davao Light and Power Company, underground drainage and concrete roads with curbs and gutter.

But Lim said they don’t just build houses because they see to it that they would also introduce some new designs in their projects.

In the pipeline next year she said is the 400 units project in Panabo City.

All in all she said to include the new projects, Samantha Homes house and lot units accounted to 3,120.

Their other projects are found in Matina Aplaya, Barangay Lizada in Toril, Paligue in Padada, Davao del Sur, Catalunan Pequeno, Catalunan Grande.

Lim said they are careful with the supervision of the project because of the “buy back” policy ofPag-IBIG Fund.

She said Pag-IBIG Fund for that matter pay particular attention to project development including the first years of repayments of homebuyers.

She said they do not want also to be remiss of their responsibilities saying that they need to comply what has agreed between them and Pag-IBIG Fund.

“What Pag-IBIG Fund had invested are the funds of the members and we make good of our investment because these are money of the Fund members,” she said.

Lim however stressed that they reach out to their homebuyers in order for them to make good of their repayment record.

She said with the reduced interest rates extended by the Pag-IBIG Fund the rebate extended to homebuyers who are “good payors,” now owning a house is very affordable.

Meanwhile Davao City Investment and Promotion Center head Engr. Roberto Teo expressed good prospects for real estate in 2009.

Teo in a separate interview said real estate will continue to pick up in Davao City next year.

He said a new subdivision project with investment of P120 million will commence next year.

He also said that constructions of two the big investments on real property are on-going while developers of new condominium projects have already shown keen interest for new construction here. These are in addition to the DMCI condominium and that of the Filinvest development

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VP de Castro urges regular payments of housing loan amortizations

May 15, 2008

Vice President and Housing czar Noli de Castro urged urban poor homeowners to also pay reguarly their home loan amortization as he exhorts everyone not to forget their obligation.

The Vice President in a Housing Summit May 9, 2008 at the Philippine Women’s College, Matina, Davao City met with the homeowners organizations of Davao City where he also awarded the Certificate of Title to beneficiaries of housing projects of unused government lands converted into sites for socialized housing.

The summit was also attended by Pag-IBIG Officers led by Deputy Chief Executive Officer and Executive Vise President Jaime A. Fabiana and SM Vice President Jose W. Banzon, Jr. Also present were Pag-IBIG branch managers Manolito Olegario of Davao, Rodrigo Suemith of General Santos and Elizabeth Tinagan of Tagum.


De Castro was elated saying that the Summit was a good opportunity where the urban poor and the stakeholders discussed on their housing concerns.

“Ang Davao City naman di mahilig ng libre at huwag tayong mag short cut sa proseso kasi maraming sabit pag magshort cut tayo,” he said.

With regards to their concern on housing, the Vice President encouraged homeowners to send their issues and concerns to his office as he is willing to answer them provided they must indicate their addresses so they would know where to send the feedback.

De Castro also announced that because of so many complaints they had shortened the processing of requirements among shelter agencies.

House Speaker Prospero C. Nograles in a public hearing in Davao City on May 8 said homeowners must take the opportunity once the consolidation of House Bill Nos. 89, 411 and 1932 be firmed up.

The House of Representatives Committee on Housing is consolidating all the bills with regards government housing program to gather all the inputs of different sectors raised during public hearings.

House Bill No. 89 is an “Act to establish a socialized and low cost housing restructuring program, providng the mechanism therefore, and for other purposes,” authored by Rep. Rozzano Rufino B. Biazon, House Bill No. 411 is authored by Rep. Eduardo C. Zialzita re “An act instituting a socialized and low cost housing loan restructuring program, providing the mechanism therefore, and for other purposes”, and House Bill No. 1932 is entitled “An act instituting a socialized and low cost housing loan restructuring program, providing mechamism therefore, and for other purposes”, authored by Speaker Prospero C. Nograles.

Nograles said the only way to stop foreclosure is the restructuring program and they are finding ways to fill the gap even as he said that they had lowered the interest rate and is now pegged at six percent.

Restructuring is a temporary relief of homeowners whose account has been delinquent and facing foreclosure and once the law this will be the chance for those facing foreclosure pero hindi naman pwedeng hindi tayo magbayad, Nograles pointed out.

“Once the homebuyer avails of restructuring they must also pay their obligation because these shelter agencies also have operating expenditures,” he said.

And definitely when we borrow we must also pay,” the House Speaker stressed.