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Thursday, March 18, 2004
Teddy asks City Council for go-signal to sign deal on P100M housing project
By ROSE O. VERSOZA
Sun.Star Staff Reporter
A MANDAUE-BASED firm is set to undertake the construction of the P100-million Paradise Housing Project in Barangay Looc, Mandaue City.
Mayor Thadeo Ouano asked the City Council last Tuesday to grant him the authority to sign the joint venture agreement with Willow Park Properties Inc. for the land development and construction of three medium-rise buildings that will hold a total of 300 housing units.
The buildings will be put up on the City’s 4,000-square-meter lot worth P48 million.
Willow Park, which is represented by its president Guillermo Lim, has been “pre-qualified” by the National Housing Authority (NHA). It holds office at MDC Building along A.C. Cortes Ave, Mandaue City.
The agreement between Mandaue and Willow is the last requirement for NHA to release the P30 million for the implementation of the project. NHA will release the remaining P70 million to the City Government through progress billing.
Contractor
City Administrator Serafin Blanco earlier explained that it is the NHA that will select the contractor for the project but it will be the City Government, being the project manager, that will sign the agreement with the winning contractor.
Under the draft agreement, building construction will cost P60 million; land development, P10.2 million; and indirect costs P29.8 million, for a total estimated cost of P100 million.
Aside from land development and building construction, Willow Park will also install all the
required utilities like power and water. It will carry out the subdivision survey, process the individual condominium certificates of title and secure the necessary permits, licenses and insurance.
The City Government, for its part, will provide P30 million as equity for the development of the project.
It will also undertake the marketing of the completed condominium units and facilitate the financing schemes of the beneficiaries.
Maintenance fund
The City will also set up a maintenance fund to be used for the repair of roads, buildings and facilities of the project before it is turned over to the government agencies or to the homeowner’s association.
The agreement provides that the project should start within six days from the developer’s receipt of the notice to proceed and it should be completed within 365 days.
The project is intended for the squatters residing in the city’s foreshore land in Paradise Island in Barangay Looc, which is just below the first Mandaue-Mactan Bridge.
City Administrator Serafin Blanco earlier said that the units will be awarded to the beneficiaries for a monthly amortization of P2,000, payable within 30 years. Those who could not afford it could opt for a rent-to-own scheme.
Beneficiaries
If the intended beneficiaries fail to avail themselves of the project within a certain period or if the housing units exceed the number of beneficiaries, the City Government has the option to sell the units to other interested parties who are qualified to borrow from any government financing institution.
The project’s fund formed part of the P1.3 billion allocated to the NHA under the 1998 Poverty Alleviation Fund. Of the P300 million set aside for Central Visayas, one-third went to the Paradise Housing Project.
The Mandaue City Council referred the matter to the committee on laws for further study. It still remains uncertain whether the project takes effect on March 26.
(March 18, 2004 issue)
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