Pallas Homes seeks niche in build-to-own houses

MANILA, Philippines - Pallas Homes Inc., a start-up property company owned by a group of private equity investors and real estate executives, is out to carve a niche in build-to-own old homes with its first project located in the booming Sta. Rosa-Tagaytay growth corridor.

In a press briefing yesterday, Pallas Homes chief executive officer Manuel Colayco Jr. said the group’s strategy is to acquire old houses from the original buyers and redevelop them into new modern units under the Albright Line.

Prior to setting up Pallas Homes, Colayco served as president of Ayala unit Laguna Properties & Holdings Inc. , now known as Avida. He was responsible for making Sta. Rosa as one of the favorite residential enclaves in the southern portion of Metro Manila.

For its initial project, Pallas Homes is redeveloping 80 homes within the 15-year old San Jose Village in Sta. Rosa, Laguna, a project of the Ayala Group.

“We’re selling brand new homes in an old environment. We believe Sta. Rosa is a good location because of its proximity to the commercial centers and schools. Start-up families can just move into this thriving community,” he said.

Units range in size from 75 to 100 square meters, selling from P2.4 million to P3.5 million, Colayco said.

Pallas Homes is offering three types of house and lot packages – Dellvie which will have a floor area of 66 square meters, Appleby (75 square meters), and Mactavish (100 square meters).

Colayco said the units are qualified for financing under Pag-IBIG housing loan packages that will allow payment for as long as 30 years.

Redevelopment of the units will begin once buyers have made a downpayment. Construction would take between three to four months.

Colayco said the company expects to sell all 80 units within 18 months.

He said Pallas Homes is likewise scouting several properties in Laguna, Bulacan and Pampanga for future expansion. It spent around P100 million to acquire the 80 house and lots and pay taxes corresponding to the property purchase.

Set up two years ago, Pallas Homes is owned by Cruver Global Investment, Morgan House Holdings Inc., Lima Property, and Argosy Partners Inc.