Thursday, November 15, 2007 Developer cuts rates to attract OFWs, locals
IN the wake of the strengthening of the peso, property developer Communities Philippines Inc. has initiated measures to augment continued investor confidence among overseas Filipino workers (OFWs).
Communities Philippines has initiated radical adjustments in financing terms, like slashing down payment rates by up to 50 percent and lowering interest per annum rates by as much as 66 percent.
Communities Philippines Cebu head Tessie Lanot said the company needs “to keep encouraging the OFWs to continue investing their hard-earned money into real estate in their respective hometowns in the Philippines.”
“We know the strengthening peso affects their decision-making but we have to remind them that having their own properties here at home is best,” she said.
Financing scheme
The company adopted these adjustments in line with its promotions program called the Flexi Homebuyers Promo. What used to be the regular interest per annum rate of 18 percent is now slashed to six percent for three years in the company’s in-house financing scheme for house-and-lot packages.
Likewise, the regular down payment rate of 20 percent is now down to 10 percent, payable in 12 months for lots-only packages.
“These adjustments not only benefit the OFWs but our local residents as well.
Imagine how far their money can go with the higher value of our peso,” Lanot added.
The promotional program is also open to home buyers based locally.
Communities Philippines is a subsidiary of Vista Land and Lifescapes Inc. Its projects in Cebu include Pasadena in Guadalupe and Riverdale in Talamban, Cebu City; Azienda in Talisay; and Vittoria in Lapu-Lapu City.
“Interest rates are currently at their lowest in practically all loan and installment facilities. Communities Philippines are further lowering the real estate property industry’s going rates,” Lanot said. “Even OFWs can take advantage of this.
Even more so for our local peso-earners who are advised to make the most of the booming economy.” (PR)
