CEBU, Philippines - The Capitol expects to earn more than P233 million in six months following the signing of a memorandum of agreement for the sale of province-owned lots in barangays Kalunasan and Busay, Cebu City, to various homeowners associations.
Last Wednesday, five homeowners’ associations entered into a MOA with the Province of Cebu witnessed by Vice President Jejomar Binay who is instrumental in the lot acquisition as chairman of the Housing and Urban Development Coordinating Council.
Said parcels of land were covered by Provincial Ordinance 93-1 which provides for the proper disposition of lots to occupants for the period of ten years.
With the lapse and expiration of the said coverage, respective homeowner’s association offered to purchase the lot from the province for the housing needs of its members.
The Kalunasan United Livelihood Association offered to purchase the 7,599.32 square meters for P16.1 million or at the rate of P2,120 per square meter.
The Langub Riverside Homeowners Association, Inc. at Kalunasan, Cebu City offered to purchase 14,850.50 square meters at P31.4 million or at the rate of P2,120 per square meter.
The Valle Estrella Homeowners Association of the same barangay also offered to purchase 2,454.90 square meters at P7 million or at the rate of P2,870 per square meter.
The South Bus Terminal Homeowners Association also of Barangay Kalunasan, Cebu City offered to purchase the 9,975.98 square meters at P28.6 million or at the rate of P2,870 per square meter.
Lastly, the Skyview Village Residents Association, Inc. of Barangay Lahug, Cebu City, also offered to purchase the 51,082.14 square meters at the price of P168.5 million or at the rate of P3,300 per square meter.
All the rates are based on the fair market value as appraised by the Cebu Provincial Appraisal Committee.
It is stipulated in the MOA that the total purchase price and consideration of the said sale shall be paid by the association not later than six months from the execution or until November 16, 2012.
Governor Gwendolyn Garcia yesterday clarified that the financing institutions will pay the amount to the provincial government.
The financing institutions involved are the PagIbig Fund, Socialized Housing Finance Corporation, Community Mortgage Program of the National Housing Authority and the Cebu CFI Community Cooperative wherein individual homeowner can avail of a loan.
Garcia said that as long as the provincial government is paid, the lot title will be turned over to the homeowner’s association which will then transfer the titles to its members. (FREEMAN)