P493M set aside for socialized housing in Central Visayas this year: HLURB 7

OUT of billions worth of housing projects in the Central Visayas area, some P493 million has been allocated for socialized housing this year. And out of several project locations, only three are for socialized housing, two of which are in Cebu.

Data from the Housing and Land Use Regulatory Board (HLURB) 7 show that of all projects that have been granted certificates of registration and licenses to sell for January to September this year, projects for socialized housing, or units under P400,000, are the lowest in number and project cost. There are 327 socialized house and lot packages being sold in Lapu-Lapu City and 100 lot-only packages being sold in Bogo City.

Still, the project cost is higher compared to the total project cost for this housing category last year, which was at P237 million. However, there were six projects, five of which were in Cebu.

Residential condominiums have a total project cost of P2.63 billion with a total 3,410 units. All 10 condominium projects are in Cebu, nine of which are in Cebu City while one is in Mandaue City.

For the whole of 2011, 12 condominium projects reached P2.6 billion with 749 units.

Open market projects rank second in project cost, with P1.82 billion. Out of 17 open market projects, 11 are being developed in Cebu. There are 603 house and lot units and 529 lot-only packages.

Last year, 20 open market projects cost a total of P957 million, 122 of which were house and lot units and 2,227 were lots.

Economic housing projects, or units for less than P3 million, number about eight in the region, six of which are in Cebu. Total project cost reached P1.086 billion, with house and lot units numbering 428. There are only 50 lot-only packages in this category.

From January to December 2011, all 15 economic housing projects cost P453 million for 521 house and lot units and 393 lots.

Engineer Roy Lopez, HLURB 7 director, said that since he became director, he made sure all housing developers selling units over P400,000 have complied with the law requiring them to provide 20 percent of their gross land area or project cost for socialized housing.

He admitted that since raw land in Cebu costs high, most developers opt to leave 20 percent of their project cost for this requirement, rather than look for land to develop for this segment.

He assured that they do not issue a license to sell until the developer can provide proof such as subdivision plans that they are complying with the requirement.

Aside from Cebu’s bustling economy, he believes development in this area is quick because he made it a policy to approve projects within 21 days upon filing of complete requirements. He added that no other office in the region has made the same guarantees.