REAL-estate company Aquira Land Development Corp. (ALDC) is positive that the groundbreaking for its pilot residential project on a 16-hectare property in Barangay Sampaloc, Tanay, Rizal, will push through next month once all the documentary requirements are completed.
The commencement rite for the construction of the company’s first foray in the affordable housing market was originally set in February of this year, but it has been put on hold due to delays in the issuance of the development permit and Environmental Compliance Certificate or ECC.
“If all the permits and licenses are accomplished, we will have the ground breaking by April 18, 2022,” ALDC President Roderick Armigos told the BusinessMirror in an e-mail interview.
This socialized housing, which is yet to be named, will have three phases, with 800 to 900 units for the first phase; 500 units, second phase; and 500 units, third phase.
The company, he revealed, is investing around P500 million up to P750 million for the initial phase of this horizontal project.
“There’s a very huge void in terms of demand for low-cost housing [estimated at 6,796,910 units as of 2022], [that’s why] we chose Tanay, Rizal because it’s less developed than elsewhere,” he said of their decision to enter the real-estate industry.
“Our main difference from other developers will be better specifications, better locations and better choices of units,” he added.
ALDC’s pioneering project has already buyers from the association of professors and teachers in Antipolo and Marikina, as well as army personnel from nearby Camp Capinpin.
Targeted for completion in the next two to three years, the entire development is projected to generate a total sales value of P2.5 billion.
Armigos is already a self-made entrepreneur in the wellness and beauty industry when he put up ALDC.
His long established firm, Vida Nutriscience, is known for brands such as Snow Caps, soaps, Snow Crystal White Tomato, MySLim, and Acne Care, among others.
He shared that he became aware of the need for more low cost dwelling while he was studying how to give back to his loyal employees.
“I was thinking of providing low cost housing assistance as an incentive for employees who stay with the company for 10 years, but also for every employee to have better access to housing loans. It was while I was studying the feasibility that I learned of the housing backlog,” he said.
The top executive also cited how the Covid-19 crisis firmed his resolved to become a low-cost housing developer:
“Because of the pandemic, the home has become much more important, it is now also a classroom, a warehouse for small businesses, and it’s also an office for those working from home,” he said.
Just recently, the company tied up with the National Home Mortgage Finance Corp. (NHMFC), which will cover all its projects.
Per their partnership, the latter, through its Housing Loan Receivables Purchase Program, will buy future receivables from individuals or groups that purchase homes from the developer.
Thereafter, these customers will pay NHMFC for their homes monthly, at low interest rates, over long periods of time.
This will allow ALDC to remain liquid and to continue to build as well as start more projects, and NHMFC to fulfill its thrust of providing affordable financing for housing for low-income Filipinos.