CEBU, Philippines — Residential developer, J. Nitton Development Corporation announced its entry to Bogo City this year through a socialized housing project.
Company president Mario King said in an interview that 350 houses will be built on a 2.5-hectare property in Bogo, its initial "test market" venture in countryside socialized housing development.
King said that although his real estate arm is also building commercialized residential projects for upper-middle markets, J. Nitton's focus now is more directed towards providing decent housing units to low income families, specifically in the countryside.
Already, J.Nitton already turned-over a total of 640 socialized housing units to its buyers in Carcar recently. In the 2.5 hectare socialized housing subdivision named Esperanza Homes.
He said his company aims to do their part in nation building, and basic and decent shelter is one of the most important needs, aside from food and education.
Socialized housing is one of the housing segments in the Philippines that is classified according to its price range and ceiling as defined by the Housing and Urban Development Coordinating Council (HUDCC ).
Socialized housing units are usually pegged around P450,000.
"We know that there is such a craving for owning a house. Yet, only five percent of the Pag-IBIG members are availing of the housing loans because residential properties are too expensive [mostly for the low income families]," he added.
King said there is a need for the Philippines to provide affordable housing units, because working class is paying monthly for housing savings through Pag-IBIG.
The backlog was 6.7 million in 2015 and the new housing need for the period 2016 to 2030 is 5.6 million according to a report “Impact of Housing Activities on the Philippine Economy” by Winston Padojinog, president of the University of Asia and the Pacific.
The government categorized Socialized Housing to those house and lot units pegged not more than P450,000.