Developers eye housing projects in typhoon-hit areas

CEBU, Philippines - Some real estate investors are looking at typhoon devastated areas in Cebu and in Leyte as potential for housing development seeing the demand as high.

Ricardo Inting, certified international property specialist, shared that what had happened based on real estate business point of view is that “there is a great demand.”

Inting, the chairman and chief executive officer of Land Asia Realty, disclosed that at least three investors right now are looking for a development in Bantayan Island, Tacloban City and in Palawan.

“I believe that with the problem right now, the demand of housing is number one. So we are looking forward of development on that areas,” said Inting at the 888 News Forum at Marco Polo Plaza recently.

Inting said that even how devastating the super typhoon Yolanda, a lot of foreign investors are looking Cebu as investment destinations.

“People from Tacloban are looking Cebu as their second home considering the problem of Tacloban is so devastating,” he said.

Inting also found Cebu not being affected by the US economic crisis and it has a following to attract foreigners especially the retirees.

“We have that what we call housing development in Cebu, the massive development,” he said.

Inting cited that local players in Cebu are contributing to the dramatic changed in the landscape of real estate by pouring in investment to develop a good project.

Also the lifestyle and leisure are among the factors Inting cited having a good impact on tourism.

After the calamity, the Pag-Ibig Fund has no special housing program yet to be availed by affected members to compliment the prospective of housing developers.

Pag-Ibig Cebu North information officer Dale Mark Antonio said that the program so far is the moratorium for three months and application of insurance.

This means that for those with existing housing loans, they don’t need to pay for three months but they need to apply.

“Those with totally damaged houses but still mortgaged with Pag-Ibig, they may apply for insurance,” Antonio said. (FREEMAN)