AQUIRA Land Development Corp. (ALDC) has signed a memorandum of agreement for its second low-cost housing project which will rise in Pampanga.
“Our aim from the start has been to hit the ground running,” ALDC Chief Executive Officer Erick C. Armigos said in a press release.
He added that since the agreement’s signing with the National Home Mortgage Financing Corp. (NHMFC), “it has been our intention to pursue as many social and low-cost housing projects as our resources allow.”
The project is expected to create 6,150 low-cost housing units in a 57-hectare property in Brgy. Pandacaqui, Mexico, Pampanga.
According to Mr. Armigos, the prices of the units in the development will be from P1.5 million to P2.9 million.
“There is no masterplan at the moment, but as of now, the plan is for low-cost houses and not the cheaper social houses,” Mr. Armigos said in a text message.
It will be a joint venture with Benjamin Construction Equipment, Inc. and the property owner, Armed Forces of the Philippines – Retirement and Separation Benefits System.
“Although the project is primarily for retired military and police in the area, units will not be offered exclusively to them,” ALDC said.
ALDC is currently a partner of NHMFC’s Housing Loan Receivables Purchase Program. Under this program, NHMFC buys ALDC’s receivables from its developments which allow ALDC customers to pay for their homes monthly at low-interest rates.
The Pampanga project will be 10 minutes away from Marquee Mall and Lake Shore Estates. It will be ALDC’s second low-cost housing project after its 16-hectare development in Tanay, Rizal.
According to the press release, ALDC’s low-cost housing developments aim to support the government’s push to develop a million low-cost houses per year over the term of President Ferdinand R. Marcos Jr.
The program called Pambansang Pabahay para sa Pilipino seeks to address the country’s housing backlog placed at 6.5 million units. — Justine Irish D. Tabile