The real estate industry shows a perfect contrast of the economic world as it continues to reap benefits from the global financial crisis while the latter continues to cloud over key business industries.
And as the real estate industry remains impermeable amidst the global financial crunch proving to be the safest investment during the tough times, property developer 8990 Housing Development Corp. keeps its optimism with new developments and expansion plans lined up for next year.
8990 Housing Development Corp. chairman and president JJ Atencio said the housing sector in the country will continue to be strong especially for the low cost housing segment next year.
“The crisis that we are facing now started from the housing finance sector due to speculations but our products are not speculative because it’s affordable and we cater to a “need” market. People buy from us because they need a house and are tired of renting,” said Atencio.
He pointed out that another reason they remain bullish of the industry is that even if we are currently facing financial difficulties, the people in Cebu continues to be employed and enjoy government-funded projects.
“There are a lot of developments happening in Cebu and housing is a mere result of these positive developments,” he added.
He said that 2008 has been a good year for their company and he projects that by yearend, they will be able to achieve a “reputable marginal gain” of 16. 7 percent over last year’s sales.
And to show their appreciation to their valued clientele, the company is currently giving a Christmas promo that allows their homebuyers that have been behind their payments to start clean next year and update their accounts.
The Christmas promo waives penalties acquired by homebuyers that were not able to pay their arrears and also provide incentive of 50 percent discount in the monthly amortization for those homebuyers who have religiously paid on time, said Atencio.
The company also give P200 peso gift certificate outright for every P4,000 paid for delayed amortization.
Atencio said that the Christmas promo that will end until December 23 will be a prelude to a bigger promo next year so they urge their homeowners to consider the promo seriously.
“We are doing it because it’s the Christmas season and we like to show our appreciation to our home owners who gave their trust and confidence to Deca Homes,” said Atencio.
He said that they are also doing this promo because next year the industry will be facing issues on the sustainability of the Pag-Ibig Fund and as its partner they want to help ensure that borrowers will be able to pay their monthly amortization which is the major source of the fund that could be used by new borrowers.
“The demand for housing remain strong so we will concentrate on making sure that we will have enough funds so that potential homeowners will be able to get their homes next year,” Atencio explained.
And still looking at a brighter year ahead in 2009, 8990 Housing Development Corp. will be undergoing two new projects in the first quarter.
The first project will be a seaside development in Talisay with about 900 units and around 1000 units in Mactan.
Atencio said that at the moment they have already acquired the lots for these new developments and are at the stage of completing the permits.
Aside from these new projects, 8990 Housing Corp. is also looking at expanding to a new territory in Iloilo for the first quartet of next year as they have already concluded negotiations for lots which they will buy before yearend.
8990 Housing Development Corp. is behind low cost housing projects such as Deca Homes Tungkil, Minglanilla, Deca Homes Tunghaan, Minglanilla, Deca Homes Mandaue, Mactan and Danao.
This year alone, the company successfully completed eight projects in Cebu and turned over 2, 000 units collectively in their main operations here in Cebu and in Davao.
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