Federal Land plans housing units below P1 million

MANILA, Philippines - With most of the leading players making a dive into affordable housing, Federal Land Inc., the property arm of the Metrobank Group of Companies of taipan George S.K. Ty, is following suit with plans to offer housing units below P1 million.

The affordable housing segment is the second biggest segment in the market and accounts for 34 percent of total demand. The affordable and socialized housing segment has a backlog of 3.8 million to 4.2 million units.

Federal Land president Alfred Ty said the development of affordable residential units will be undertaken by unit Horizon Land.

“We could tie up with Metrobank and look for properties they have which we can develop,” Ty said.

The group is hoping to take advantage of the large market for homes in the P1 million and below price range, catering to a broader affordable market segment.

Federal Land has developed a total of 53.57 hectares of land into 35 real estate projects consisting 4,304 residential condominium units, 4,561 upcoming units and 266 townhouses in four townhouse developments.

For this year, the company has allotted P8 billion for its capital expenditures this year. It sold 2,000 to 3,000 units last year.

Among its residential and commercial developments are Federal Land’s crown jewels - Bay Garden and Bay Garden Club & Residences, Marquinton Residences and Marquinton Garden Terraces, Oriental Garden Makati and The Oriental Place, Oriental Garden Residences, Peninsula Garden Midtown Homes, The Capital Towers, The Grand Midori Makati in partnership with ORIX Corporation of Japan, Riverview Mansion, Marco Polo Plaza Cebu, and the landmark GT Tower International.

Ongoing projects include Beijing Tower, the second high-rise structure of The Capital Towers, which is strategically located along E. Rodriguez Sr. Avenue in Quezon City and Oriental Garden Heights (a P255 million mass housing project that will rise on a 8,512 square meter property in General Trias, Cavite).

Oriental Garden Heights will offer a total of 232 low-cost condominium units with average package price of P1.67 million per unit.

Federal Land is also building The Residences, a P5 billion high-rise project in Cebu. The Residences is the first of the five-tower residential project which is located just beside the popular Marco Polo Hotel.