MANILA, Philippines - Eton Properties Philippines Inc., the local real estate arm of the Lucio Tan Group of Companies, has forged an agreement with the Ayala-led Amaia Land Corp. to jointly develop a four-hectare property in Laguna into a socialized housing subdivision.
In a disclosure to the Philippine Stock Exchange yesterday, Eton said the property is owned by affiliate companies which Amaia proposes to develop under a joint venture arrangement as part of Amaia Scapes Laguna.
Under the agreement, Eton will be the development manager of the property representing the landowners.
“Eton and Amaia undertake to execute within six months from date of execution of the MOU, the joint development agreement subject to the final terms and conditions that may be agreed upon by the parties,” Eton said.
Estimated to cost P1 billion, Amaia Scapes Laguna will offer a total of 1,828 house and lot units ranging from 25 to 75 square meters.
Unit prices range from P600,000 to P1.2 million each.
Industry experts see more promise in the largely-untapped affordable housing segment as evidenced by the shift being made by big real estate players.
This sector of the market currently accounts for 34 percent of the more than 17 million households nationwide.
The housing backlog, on the other hand, is estimated at between 3.8 million and 4.2 million.
Amaia Scapes, which will rise on a 19.6-hectare lot in Calamba, Laguna, is scheduled to be launched in April and has already attracted a lot of interest from prospective homebuyers.
The initial phase of Amaia Scapes will involve the development of 534 units, which are expected to be turned over to home buyers before Christmas.
The units will be available to families that combined salary of P20,000 to P50,000 a month and a for a minimum monthly amortization of only P4,000.