Developer sees better growth

Property developer One Asia Development Corp. is optimistic that last year’s growth of four percent will be maintained this year, giving enough room for the sector for better growth in 2004.

This despite the uncertainty of the May national elections and in the absence of macroeconomic fundamentals to support such optimism but basing on the robust growth of the services sector bolstered further by current actual election spending.

One Asia president Victor H. Manarang said for developers like his company to grow, they have to tap or get into the under-served areas, or those which had been missed out by the property boom in the late ’90s.

His company for one launched recently its development of the 3.3-hectare under-served high-end to middle sector markets in Parañaque City called Verdant Heights, among other projects.

For the low to socialized housing, his other companies Acer Homes Development began development in Montalban, the only company so far to undertake a project in the area and Tahanang Yaman, another company that began last year developing a site in Gen. Trias, Cavite.

The low-cost and middle market housing sectors will continue to grow at three to four percent overall with its increasing access to home financing. The socialized housing sector also has enough elbow room for bigger growths this year because funds are being made available by the government for such projects, he said.

The past two years, he said, has seen the market slowly but surely absorbing whatever excess supply of high end and high rise condominium units were left from the development boom prior to 1996 and new projects are now being undertaken by developers like him.

One Asia, organized in July 2000 initially incorporated as Great Jubilee Development Corp., has middle to high end projects in Biñan, Laguna; Gen. Trias and Imus in Cavite; the Celebrity Place in Quezon City; and its newest Verdant Heights in Parañaque City. Its sister outfit in the middle to high end categories is the Earth + Style Corporation.

Three other outfits under One Asia in the socialized to low cost housing development are: 18-year old Extraordinary Development Corp. (which still has a few units left in Cabuyao); Acer Homes Development (the only one into development in Montalban) and Tahanang Yaman (in Gen. Trias Cavite).

Manarang said of the government’s funding for housing programs, easily 70 to 80 percent goes to socialized and low cost housing while 20 to 30 percent is for middle housing projects.

Regardless of who wins in the May elections, he said, the real questions for developers is whether or not the next president will give as much, if not greater, attention and resources to housing development.

For the middle and high end housing projects, he said, demand will always depend on the buyers’ perception of peace and stability and their confidence in investing on such projects.

Stability, he added, is not just a matter of peace and order locally but also of the overall global investment climate and economic prospects, an after effect of the crisis of 1996.

Verdant is a well planned residential enclave boasting of stylish and functional single detached and single attached houses and lots and townhouse clusters in a beautiful landscaped, secured and serene environment.

A total of 138 units priced at from P3.1 to P5 million will soon be sold in the market by One Asia. Total market price of the project is P280 million.