Vol. XXI, No. 134 [ Business World Online ]
Thursday, February 07, 2008 | MANILA, PHILIPPINES
A NEW subsidiary of Angeles-based Hausland Development Corp. is lining up four projects to build 6,000 low-cost and socialized housing units in the next three years, at the cost of P2 billion, the company’s president has bared.
Fiesta Communities, Inc.’s projects are in line with the government’s plan to clear the housing backlog by making homes more affordable to the working class, with packages worth up to P750,000 in Central Luzon particularly in the towns of Porac and Mabalacat in Pampanga and the provinces of Tarlac and Olongapo.
"The government has lowered interest rates for housing loans. This is an opportunity for ordinary workers to buy a house. We have a 3.8 million housing backlog wherein around 80% will come from the average working class and the OFW (overseas Filipino workers) market," said Wilfredo M. Tan, Hausland Development president and chief executive officer, on the sidelines of the Ernst & Young Entrepreneur of the Year Philippines 2007 awards Tuesday night.
Last year, the Home Development Mutual Fund, popularly known as the Pag-IBIG Fund, reduced the interest rate for housing loans above P300,000 to P750,000 to 7%, targeting the middle-income bracket earning an estimated P16,000 to P20,000 a month.
The monthly amortization, which covers principal and interest, is now down to P4,990 from P6,860 for housing loan packages of P500,000 to P750,000.
The property firm, which started in acquisition and resale of lands in 1985, will have a 2,500-housing unit project in Porac, Pampanga and 3,000 in Mabalacat.
Hausland also has housing projects for local government employees of Olongapo aside from private and government employees of Tarlac.
"Financing basically will come from my developmental loan. We have credit lines from the Development Bank of the Philippines and Land Bank of the Philippines. For contract-to-sell financing, we go to China Banking Corp. Most of our low-end packages will be financed by Pag-IBIG Fund, which will also provide end-user financing and developmental loan," he said.
Aside from Pampanga and Tarlac, Hausland also has projects in Nueva Ecija and Pangasinan.
At the Entrepreneur of the Year awards, Mr. Tan emerged as Realty and Construction Entrepreneur for 2007.
He said hard work and dedication were his secrets to success, aside maintaining credibility and pursuing an earnest desire to help ordinary workers buy a house.
"We produce houses buyers would be proud of so they will surely pay their monthly amortization," Mr. Tan said.
Mr. Tan said it is his dream for Hausland to go public "in the next five years."
"We have been established and we have good credibility. We have a very good track record. Who knows, we can go IPO (initial public offering) in the next five years. If the situation calls for more expansion, we may opt for an IPO. There is a big market to speak of. A lot of Filipinos need housing," he said. — Ruby Anne M. Rubio
[ Published by : BusinessWorld Online ] February 7, 2008
( Insert Photo posted by philinfocenter courtesy of Hausland Development Corporation -www.hausland.com )
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