A booming affordable housing market
Affordable housing developer 8990 Holdings, Inc. (8990) is confident the affordable market will experience a boom in 2022 as the digital natives realize the importance of investing on a long-term basis by buying a home.
anthony Vincent Sotto, 8990 President and Ceo told reporters in a recent interview that there are several opportunities in the local market as the country needs to address the burgeoning housing backlog. according to government data, the country’s total housing needs by 2022 will reach 6,796,910 units.
“Urban deca Homes ortigas is our largest project to-date. This development is just another milestone we have achieved in helping close the ever growing housing backlog which is estimated to reach about 12 million by 2030,” Sotto said.
The 13.2-hectare Urban deca Homes ortigas is a luxuriant, green oasis with well manicured lawns and young trees. Strategically located along ortigas ave. extension in barangay rosario, Pasig City, families will enjoy walking beside the lagoon, while boys, teenagers and adult men and perhaps even the ladies—can show their hardcourt skills at the two new basketball courts.
Moreover, 8990 officials led by Sotto opened some of its amenities and has already turned over to unit owners the first three towers
of Urban deca Homes ortigas’ planned 22 towers.
Sotto said the extensive goal 8990 is to always be a provider of homes for the filipino people. It also includes creating communities that allow the homeowners to achieve balance in their lives. “our 13.2-hectare open space is but another way for us to help create an area where our homeowners can build community awareness. but it is more highly accentuated because it is our largest open space that is located in the middle of an urban area,” he continued.
“Urban deca Homes ortigas is our largest project to-date. This development is just another milestone we have achieved in helping close the ever growing housing backlog which is estimated to reach about 12 million by 2030,” Sotto said.
To ensure their home buyers more buying options, Urban deca Homes ortigas has received accreditation from three of the country’s leading banks: BPI, bdo and Security bank.
furthermore, Sotto said firsttime homebuyers and ofws still have a chance to purchase a few ready for occupancy units at Urban deca Homes ortigas. once they have paid 3 percent of the equity, they can start to move, and they can loan up to 90 percent of the unit cost through the bank-partners or Pag-ibig fund.
Urban deca Homes ortigas’ 2and 3-bedroom units will have a very affordable average price of P2.86 million.
Bullish on its vertical development project
WESTCHESTER realty Corp. (WRC) is bullish on the prospects of its condominium project because it caters to the affordable market.
“We are very excited about the ga Tower project as this would once again prove to be a success based on the most affordable pricing scheme that we have prepared particularly for qualified Pag-ibig fund member-borrowers. The location and amenities provide homebuyers the chance to own condominium units right at the center of everything,”
Nico Valencia, President and Chief operating officer of WRC Valencia told reporters in a recent interview.
He added the objective of the company is to provide “affordable luxury” complemented by convenience as the condominium project is strategically located on edsa-mandaluyong and complete with amenities for condominium dwellers.
Valencia said the recent grand launching of ga Tower one more or less sold a total of 540 units.
WRC took over re-development of ga Tower following the initial success of its acquisition from Pag-ibig fund several housing communities previously developed by globe asiatique, the company owned by delfin lee of the
famed housing fiasco more that 10 years ago.
as far as ga Tower is concerned, Valencia said it is all systems go for WRC in the re-development of the project located along edsa beside the boni-mrt Station, as he disclosed that WRC has acquired more than 8,000 housing units formerly owned by globe asiatique over the last two years.
These former globe asiatique controlled housing communities are located in Pampanga, binangonan and San Mateo in rizal province including Valenzuela City and lately ga Tower in Mandaluyong.
“We bought the rights to these non-performing assets of Pag-ibig fund by way of public auctions,”
Valencia explained.
“Housing demand is very strong particularly for first-home buyers. We were able to sell more than 4,000 units in the communities housing built by globe asiatique throughout the span of the pandemic period [2020-2022],” Valencia said.
“despite those challenging times, our company even gained the momentum that led us to acquiring more of Pag-ibig funds non-performing assets [Npa’s],” he added.
The entry of WRC eventually paved the way in settling the squabble between Hdmf and globe asiatique and their company’s acquisition of the rights of Hdmf (Pagibig) fund through public auctions,
on an “as is, where is basis.”