A MALAYSIAN conglomerate, with its real estate unit, has joined in the effort to address the perennial housing backlog in the Philippines, by entering a joint venture (JV) with a local developer.
The Synergy International Group of Companies from Malaysia, through its property development division Synergy International Realtors Sdn Bhd, has tied up with Aquira Land Development Corp. (ALDC) to codevelop the ongoing 57-hectare, low-cost housing project in Mexico, Pampanga.
Located along Barangay Pandacaqui, this residential development will have 6,150 affordable residential units in line with the government’s target to build 1 million new low-cost and/or socialized houses by the end of the year.
“Its for open market but we are primarily offering it to military and police personnel,” ALDC Chief Executive Officer (CEO) Erick Armigos told the BusinessMirror in an e-mail interview. “We have the option to offer it to OFWS [overseas Filipino workers] in Malaysia and Singapore.”
This is why Synergy decided to have this JV as its first foray in the country. The company’s mission is to cater to the millions of OFWs who often come back to the country and can afford decent homes yet not mostly catered to by developers, as shown with only a few available options to own houses with what they have saved up abroad.
“It has always been our goal to enter property development in the Philippines. It is only fitting to start off with a project that has a social aspect and that aims to offer decent but affordable housing to a long underserved market,” Synergy CEO Vijay Kumar noted.
“Malaysia has a large contingent of overseas Filipino workers, a big reason we chose this particular project is to give these workers more housing options when they come home to retire, or even just to buy for their families here,” he added.
On its part, the local developer welcomes its collaboration with an international partner like Synergy, which has both the expertise to create an impact not only in the nation’s real estate industry, but also to homeowners who have long been deprived of sensibly priced yet decent dwellings.
“The participation of Synergy will allow us to deliver livable units in the shortest amount of time,” said Armigos. “Our objective has always been to be involved in as many low-cost and socialized housing projects as we can and to build and deliver as many livable units as quickly as we can.”
This residential project will offer single detached (100 sq m to 150 sq m at P3.45 million), single attached (80 sq m at P2.95 million), duplex (60 sq m at P2.45 million) and 2-storey townhouse (44 sq m at P1.95 million).
ALDC’s low-cost residential development in Pampanga is its second affordable housing project, following a deal it closed early last year to develop a 16-hectare community in Tanay, Rizal.
“Currently, we are building the main gate and clubhouse. Then, we will build the model units. After that, we will start with the land development first. Then, construction of housing units will start by October 2023,” Armigos said, adding that completion for phase one is by December 2025.
