MANILA, Aug. 8 (PNA) — Favorable trends in the local market such as easy payment terms and low interest rate support the growth of low-cost housing developers, Chamber of Real Estate and Builders’ Associations (CREBA) Vice Chair Florentino S. Dulalia Jr. said.
Dulalia, who is also the Chair and Chief Executive Officer of F.S. Dulalia Realty Inc., said low-cost housing development is thriving now in the country as there are easier terms for payment like no downpayment terms and “stretched payments” where monthly rates are lower and for longer period.
He added that the low interest rates for loans offered by banks attract more buyers to get their own units.
“It is now easier to get loans with lower interest rate with the current move of the central bank,” he said.
The growing middle income, sustained growth of the business process outsourcing (BPO) sector, and overseas Filipino workers (OFWs) also back the growth of low-cost housing developers in the country, according to Dulalia.
He stressed there is still big untapped opportunities for housing developers with the 5.5 million housing backlog in the country.
For Dulalia Realty alone, the owner said the company grew by 100 percent for the last five years and adding eight projects in the last three years.
Dulalia Realty has more or less 15 pocket projects or the subdivision type of development with land area not above five hectares.
Five were completed projects which are in Bulacan, Quezon City, and Valenzuela.
At least 10 projects are on-going or still in process but already had permits.
Dulalia’s projects will rise in the same areas with additional new projects in Bataan and Tarlac.
Dulalia Realty projects are mixed selling offering house and lot, condominium units, and lot only.
Half of its market are OFWs and the remaining were businessmen and other professionals mostly in the medical profession.
To support its future projects, Dulalia hopes to list the company at the Philippine Stock Exchange in the next five to 10 years. (PNA)