Developer braces for challenges in 2018

Amid the robust outlook and high market interest in the real estate industry, a developer remains cautious and bracing for anticipated challenges to intervene this year.

HT Land Inc., project adviser Jeffrey Lun lamented on the government’s snail-paced processing of project permits and other requirements stressing that it could affect the appetite of developers to continue expansions, or launch new projects.

HT Land Inc., which is the developer of the 20-hectare township called Mandani Bay, still has to build more buildings and residential units within the area.

Hopefully this year, the government, specifically the agencies that are dealing with real estate related permits and other documentation will improve their efficiency to keep up with the fast growing sector.

“The market is there,” Lun said explaining further that the growth of the industry is also dependent on how fast the government responds to investors’ applications.

Last year, for instance the Housing and Land Use Regulatory Board (HLURB) slowed down the releasing of LTS (License To Sell) of new projects.

According to broker and real estate marketing specialist Anthony Leuterio, about 90 percent of the planned projects for 2018 was not launched due to the government agencies’ unhurried posture in providing necessary permits, such as LTS.

By 2020, Mandani Bay targets to turn over at 1,200 condominium units by 2020. This does not include the building spaces that will be built for commercial or office spaces. —