DISPLACED condominium unit owners are given until March 31 to avail of the buyback offer of the Consunji-owned condominiums, the Department of Human Settlements and Urban Development (DHSUD) reminded.
DHSUD officer-in-charge Miguel Palma Gil said David M. Consunji-Urban Property Developers, Inc. (DMC-UPDI) and David M. Consunji, Inc. Homes (DMCI Homes), developers of the quake-affected condominiums Ecoland 4000 Residences, Palmetto Place and Magallanes Residences, are already finalizing the list of the unit owners who would accept the buyback offer and those who would decline and opt to seek legal action against the developer.
As of Saturday, February 29, Palma Gil said Magallanes Residences has yet to finalize the list.
The official said the date was scheduled to give ample time for both developers to submit their restructuring methodology, which includes the repair, upgrading, and the retrofitting of the building.
“I have yet to receive the methodology coming from the firm, as assessed by their structural engineer,” Palma Gil said on Friday, February 28 during the Connect media forum at the SM Lanang Premier.
He also said the schedule is in time with the Office of the City Building’s projection to lift the “red tag” statuses of some of its condominium units.
Palma Gil previously said the Consunjis offered a buyback rate of 125 percent from the acquisition cost, and a P40,000 monthly displacement assistance will be given to unit owners of Magallanes Residences, Palmetto Place and Verdon Parc.
Unit owners at Ecoland 4000, meanwhile, will claim 175 percent from the acquisition cost and P40,000 monthly as displacement assistance.
He said Ecoland 4000 has the highest offer since it was totally devastated by the earthquake.
Meanwhile, for buyers of units in buildings still under construction, the offer is 100-percent refund on all payments made.
He said based on their initial assessment, majority of the displaced unit owners are planning to accept the buyback offer. Those who refused demanded a 200-percent buyback, which the developer declined.
Palma Gil said those who are undecided unit owners would only rely on the result of the methodology study.
DHSUD, Palma Gil said, has not received any formal intention from unit owners to file a case against the developers although he assured them the office will support them if they pursue filing a case as part of their mandate.