27 October 2015 — Property developer Ovialand, Inc. reported brisk business for its first open-market subdivision project, Terrazas de Sto. Tomas in Sto. Tomas, Batangas. The unit of socialized housing developer Malate Construction and Development Corp. said it has sold 10 percent of the 33 available units for its 5.8-hectare development just a month after making the project available to the market.
“We’re happy of the takeup. The market is very enthusiastic,” said Fatima Olivares-Vital, Ovialand business unit head, noting that most of the buyers paid for the mandatory downpayment in cash.
“They have the option to pay it in staggered but they liked the project concept and they opt to pay in cash,” she added.
Vital said given the initial response to the project, it is likely the whole 33 units of Terrazas de Sto. Tomas may be sold out in 10 months to a year.
“A lot of Filipinos have so much money right now but (these) are hard-earned money. This is not inherited so we want to make sure that when they decide to buy, they won’t regret it,” she said.
Completion of all 333 units is 2018.
Vital said that is enough time to reserve and amortize the equity portion. By the time units are done, a buyer has covered the 10 or 20 percent downpayment.
Vital said Terrazas de Sto. Tomas’ price range is fit for families or individuals that are earning between P30,000 to P80,000 a month to cover both the initial downpayment and the bulk payment that normally goes through bank financing.
Terrazas de Sto. Tomas offers singe-detached, duplex and quadruplex three-bedroom units of varying sizes, from 68 to 100 square meters, with prices at P1.6 million, P2.5 million and P3.6 million.
About 55 percent of the property is dedicated to open spaces and 10 percent allocated for amenities.
Terrazas de Sto. Tomas is also master-planned to have lower density at 50 units per hectare of land compared to other projects’ 95 units per hectare.
Batangas residents were the project’s initial captive buyers.
Vital expressed confidence it will also attract people living in Manila’s traffic-congested center who are looking for an alternative place to live.
“You either have to live with it or choose a different kind of lifestyle,” said Vital.
Ovialand said buyers would find the project suitable given its proximity to Manila, which is accessible in an hour. company is in talks with landowners for additional developments it can venture into in the province, as Southern Luzon become a “bustling economy with industrial parks, major global companies, manufacturing and warehousing industries.”
“Southern living is free from the common stresses of living in Metro Manila. Traffic, flooding, pollution and high crime rate are not an issue and the spaces are also larger,” Vital earlier said.
Read the rest of the article published in Malaya HERE.
(excerpt taken from Malaya.)