MANILA, Philippines - Nowadays, condominium buildings are sprouting like mushrooms in many urban areas in Metro Manila.
Big-time property developers offer payment schemes that are almost irresistible to any regular earning individual.
However, upon closer scrutiny, one may find some units too small to live in despite the high price.
SOC Land Development Corp., a new player in the real estate industry, says it will address exactly this problem.
In an interview with The STAR, SOC Land chief executive officer Jose Reyes says that the units offered by their company offer more value for money.
“We’re different because we give you as much bang for your buck,” Reyes says.
For instance, unlike other units offered by bigger players, SOC Land’s units have an “in-unit laundry area.”
“This is unlike in other condos where the laundry area is on the roof deck,” he says.
SOC Land is just six-months into the business but is prepared to compete in an industry that is already filled with giant players.
SOC Land is an offshoot of listed firm South China Resources’ divestment of its non-core business. South China is a publicly listed holding company which has substantial investments in oil exploration, real estate, industrial projects and financial institutions.
Divestment of non-core businesses in recent years resulted in substantial liquidity for South China, which prompted the company’s search for new business opportunities.
In December 2010, the company decided to go into property development and established SOC Land.
Reyes says that the new venture is geared at not only enhancing the company’s shareholder value, but filling the need of Filipinos for better housing products which are affordable quality homes that will elevate their lifestyle while keeping within their means.
He says that even if all the players maximize their resources, they still would not be able to address the gap in the housing backlog of three to four million units.
Aside from addressing the housing backlog, Reyes says SOC Land hopes to contribute to the country’s economic development.
“Housing developments have big multiplier effects on the domestic economy, with every peso spent on building houses generating several more pesos in our gross domestic product. Also, more housing investments and production mean more jobs and sales for allied industries,” he says.
While there are condominium units offered by other older players in the market, SOC said the company’s access to the Puyat-Reyes group’s various related expertise and resources creates a total synergy that will benefit even the most practical homebuyer.
The company, for instance, has 100-percent owned land which means that it does not have to tie up with landowners.
“We are also affiliated with the manufacturers of some of the materials needed for the construction and finishing of the buildings. These include Puyat Steel Corporation, International Pipe Industries Corporation (IPI) and Puyat Flooring Products Inc., makers of industry-leading APO brand of construction materials,” the company said in a separate statement.
For its maiden project, SOC Land is putting up a P2 billion 2.4-hectare resort-themed mid-rise development which is situated along the service road of the South Luzon Expressway.
The area is one kilometer away from the Sucat interchange and about ten minutes away from Makati and Alabang. It is also close to the airport and is accessible by public transport through major thoroughfares such as EDSA, SLEX and Sucat Road.
Completing the Anuva project are other amenities that include a 50-meter lap pool, a lagoon and lake, themed parks and gardens, clubhouse and function rooms, a lazy river and a yoga meditation garden.
Furthermore, in each tandem building, Anuva features a sky lounge. The building features tandem-style, low-density 14-and-20-floor residential towers.
The buildings will come with an average of 20 units per floor. This is much less than the usual 75 rooms of other residential establishments.
More importantly, Reyes says, the units’ price tags are affordably priced at P1.2 million or P54,000 per square meter versus other projects which are priced at P75,000 per sq.m. There are different payments schemes available including a straight payment which is also available at zero percent interest for as low as P7,500 a month.
In terms of size, Anuva offers studio, 1-bedroom and two-bedroom units.
The project will come in full swing and will be ready for occupancy by 2013, says Reyes.