Metrobank, Kuok Group offer housing package

The Metropolitan Bank & Trust Co. (Metrobank) has made owning a luxury residential unit easier at the St. Francis Shangri-La Place. 

This is the latest development project of The Shang Grand Tower Corp., a member of the Kuok Group.

“Our financing package will allow buyers to fulfill their dream of living in a luxury high rise residential place through easy payment terms,” Ma. Lourdes Abellar, Metrobank vice president said.

The payment scheme requires a downpayment of only 20 percent, with the balance payable in 15 years at rates prevailing at the time that the loan is availed. The interest rates are available in fixing periods of three or five years, currently at 7.20 percent per annum and 8.45 percent p.a., respectively.

”With this exclusive financing package, it will be easier for the public to enjoy the quality and prestige of this newest edition to the integrated Shangri-La Place community at the heart of Ortigas Center,” Susan Yu, Shang Properties director of Sales, said.

The St. Francis Shangri-La Place is linked to the high-end Edsa Shangri-La hotel and the Shangri-La Plaza mall. Located at the heart of Ortigas Center, this high-rise residential community offers easy access to schools, hospitals, and commercial centers. Units will be ready for occupancy by January 2009.

The agreement is part of Metrobank’s strategy of expanding its market. The bank earlier reported that consumer lending remained resilient, with growth coming from all segments of housing, auto financing, and credit cards as of the third quarter of 2008.

Its Consumer Lending Group attributed the bank’s consumer loan growth to the marketing efforts of its branches, which are the primary distribution channels for consumer loans.

Despite aggressive marketing and the increase in consumer loan volumes, the bank continues to pay close attention to credit quality, closely monitoring its credit parameters to maintain delinquency at manageable levels.