THE number of real estate development projects released with License to Sell (LTS) permits by the Housing and Land Use Regulatory Board Southern Mindanao Region (HLURB-SMR) had decreased to 43 projects in 2017 from 55 projects in 2016.
As HLURB-SMR’s reach extends to as far as Soccsksargen, the number of LTS permits issued was already combination of developments from Davao Region and Soccsksargen.
Socialized housing developments, or those units that cost only around P450,000 at most remain to be the widely developed project in the two regions. In 2016, there were 19 socialized housing projects granted LTS permits. This however slightly decreased to 13 projects when 2017 came.
There were about 16 economic housing projects issued permits for 2016 but only about nine in 2017. Economic housing projects are priced at P1.7 million per unit maximum.
Developers sometimes also opt for a development featuring a combination of economic housing and socialized housing. There were four of this type of development issued permit for 2016 but it decreased to two projects last year.
There were six Open Mark development projects issued LTS permits in 2016 but this increased to nine projects last year. Open Mark projects are those priced at P1.7 million minimum.
Last year, there were six condominium development projects issued LTS permits. This number did not waver from its 2016 record.
In 2016, there was a single industrial estate issued LTS permit while on 2017, two memorial parks were also issued permits.
As more firms are continually complying and applying for LTS permits, HLURB SMR Regional Director Attorney Miguel Palma Gil urged buyers to be extra cautious when buying residential and other real estate properties. He said before any further transactions, it had to be made sure that the developers are issued legit LTS permits by HLURB.
“To those who really want to invest, or buy a house, they should really look for the seller’s LTS issued by our office. We have come up with a lot of complaints already. Some of them had already been issued with writ of execution but they managed to leave Davao and continue their practice yet again in other areas in the region,” he said.