Tuesday, October 28, 2008 Former slum area dweller now builds homes for others
A BUSINESSMAN’S past experience as a resident in a slum area during his childhood years has moved him to buy foreclosed properties when he has the money.
All Danilo Ortiz wanted at that time was security for his wife and three children. But little did he know that he would be converting these properties into low-cost residential communities so that other families would also have a stable home of their own.
Ortiz, 49, worked as a furniture draftsman in an American firm for eight years before he decided to put up his own furniture export business in 1996, which would enable him to spend more time with his family.
He was surprised that the demand was high, oftentimes reaching five containers a day when he only expected one to two containers to cope with basic needs.
With the business at its peak, Ortiz used the extra money to buy foreclosed properties in Lapu-Lapu City, and Liloan and Consolacion towns.
An encounter with a developer regarding property acquisition encouraged him to build a subdivision of his own, especially since he is also passionate about architecture and interior design.
In 2003, Joanna Legacy Homes Inc. (JLHI), with Ortiz at its helm, was registered with the Securities and Exchange Commission as a local player in the real estate industry.
It completed its first project, a community with 136 units, in Yati, Liloan the following year.
Ongoing projects include Joanna Homes in Sudtungan, Lapu-Lapu City (302 units), Palm River in Talisay City (167 units), Prescila Heights in Lawac, Consolacion (190 units), and Beachline Communities in Compostela (296 units).
Eventually, Ortiz trimmed down his export business due to “high demand but low capital” and absorbed some employees into JLHI.
JLHI is now in Phase 1, or 175 units out of 1,300 units, of its biggest project so far, the Grand Terrace in Casili, Consolacion.
It is currently eyeing a 6.7-hectare property in Paknaan, Mandaue City, a four-hectare lot in Tagbi-laran City, Bohol and a five-hectare area in Surigao.
“There is no problem with the market. Our buyers, about 98 percent of them, are Pag-Ibig Fund members, and love our quality and affordable homes. And the demand for low-cost houses is continually growing,” Ortiz said.
About 600 interested buyers have already listed their names with JLHI for follow-up for its ongoing and future projects.
As a developer, though, he is worried about the unstable prices of construction materials. But he assured buyers, including potential ones like working couples and starting families, that JLHI does not adjust the prices once the sale has been
booked.
The current prices of the units range from P850,000 to approximately P1.5 million, depending on the location of the subdivision and the lot size.
Ortiz is contemplating venturing into a construction supplies business as his team continues to provide a home as a legacy for every Filipino. (NRC)
