By Vincent Mariel P. Galang
P.A. Alvarez Properties and Development Corporation (P.A. Properties) is planning to build 25 affordable housing communities in five years to help the government address the housing backlog in the Philippines.
The real estate developer said it expects to generate up to P25 billion in revenues from the 25 upcoming real estate projects.
In an e-mail to BusinessWorld, a representative from P.A. Properties said the company is targeting to acquire 226 hectares of land worth around P3.5 billion within the next two years.
The company said it is looking to acquire properties in San Jose del Monte, Norzagaray and Malolos in Bulacan; Cabuyao and Los Baños in Laguna; San Fernando, Pampanga; and Tanauan and Sto. Tomas in Batangas.
Beyond 2020, P.A. Properties is also planning to secure land in Rizal, Bacolod, Davao, Iloilo, and Cebu.
P.A. Properties is allocating around P1 billion each for the development of the upcoming housing communities. Each community will have around 1,000 units.
“The current housing backlog stands at over 5.9 million countrywide, with socialized and economic housing accounting for the bulk of this requirement. As a result, prevalence of informal settlements that lack basic infrastructure and sustainable service has increased significantly across most towns and cities,” Romarico T. Alvarez, P.A. Properties chairman, said in a statement.
The company has already completed 40 communities in Laguna, Batangas, Bulacan, Cavite, Pampanga, and Metro Manila. Sixteen more housing communities are under construction.
In 2017, P.A. Properties signed a partnership with Osaka-based real estate firm Hankyu Hanshin Properties Corp. The partnership includes the development of three township projects with a total land area of 54 hectares.
