Affordable housing developer Phinma Property Holdings Corp. has turned the sod for its latest low-cost housing project—a public-private partnership (PPP) with the local government of Malabon City, worth over P400 million.
Called L’Oasis, the project is a six-building mid-rise development located in Barangay Baritan, Malabon City.
Each of the buildings will have five-storeys each with around 674 units, which will be a mix of socialized and economic housing.
Of the 674 units, 136 units will be classified under socialized housing, or dwellings for moderately low-income families with longer amortization periods and lower interest rates.
The socialized housing units will be on the top-most floor, while the remaining 538 will be under the economic or affordable housing category.
Both types of units will be 24 square meters in size.
Under the PPP project, Phinma Properties will develop the one-hectare land owned by City of Malabon.
Malabon City Mayor Antolin Oreta 3rd said the project is the first PPP project for Malabon.
Oreta said the development is part of the city’s housing plan for formal settlers, mainly teachers residing in the city and government employees.
Oreta said the local government of Malabon has implemented a housing project for informal settlers of the city last year, known as the Labahita housing project, which offers 118 units.
The project is set for completion in April or May this year.
Oreta noted that the major problem the city faces in terms of providing housing projects to its residents is the lack of available land for development.
“In fact, even before the low-cost housing project offering 118 units, we already sent the informal settlers to Bulacan, or where they could be transferred. Kung saan may housing.
Kasi wala talaga kaming capacity. (Wherever there is housing opportunity for them. We just don’t have the capacity to host them.) Unang una, (In the first place,) we don’t have the area to build on,” Oreta said.
The mayor said the local government is still looking for more land to develop more housing projects in the city.
Phinma Properties Vice President for Socialized Housing Division, engineer George Richard Siton, said the PPP project was awarded to them by the local government of Malabon through a bidding process.
“They invited other parties who are interested to bid, but nobody gave the price we offered,” Siton said.
According to him, a private condominium development would cost around P2 million.
“But Phinma was priced really low because it’s for socialized housing” he said.
Units for the L’Oasis project range from P450,000 to P900,000.
Siton said the first building of its PPP project with Malabon City is set for completion in six months, while the remaining buildings are set to be done in 2017.