CALMAR LAND Development Corp. is introducing more affordable housing choices for starting families with the launch of its second project under its economic brand, Promesa.
The Southern Luzon property developer unveiled over the weekend Promesa Isabang, a 4.9-hectare residential development at Barangay Isabang, Lucena City. It sits next to Calmar Land’s Citta Grande project, which is its biggest residential community so far.
The development has a projected sales value of around P1 billion, and seeks to cater to the lower income market.
“It’s the promise of delivering quality homes to our buyers at a very affordable price for starting families. We are doing this to help address the housing backlog of around 6 million,” Calmar Land Chief Operating Officer Raymond Alonso told BusinessWorld in a phone interview last Friday.
Promesa Isabang offers a total of 551 units, consisting of duplex units covering up to 77 square meters (sq.m.) and townhouse structures spanning 45.5 sq.m., in terms of floor area. It will feature amenities such as a multipurpose pavilion, a basketball court, a children’s play area, a jogging path, and gazebos.
Mr. Alonso said a key difference of Promesa Isabang is its family starter series, where they will turn over a basic unit with no partitions, allowing young couples to decide what they want to do with the property.
“We have our family starter series which allows the family to design their own interior and paint the colors to their liking. As compared to other developers’ family starter series, ours has a ceiling. That is our main difference from others,” Mr. Alonso explained.
Monthly amortization can go as low as P8,000 per month if paid for over 30 years through Pag-IBIG financing.
The Isabang development is Calmar Land’s second project carrying the Promesa brand, with the first located in Pila, Laguna. Prior to its entry into economic housing, Calmar Land’s primary targets were the middle to upper income markets. Mr. Alonso said they currently have seven projects in Lucena and four in Mega Lucena catering to these markets.
Asked how the demand for housing projects is in Lucena, Mr. Alonso said it continues to be strong, with around 40% of their sales coming from overseas Filipino workers.
“Demand it is very strong especially for the overseas, our sales abroad… It just shows that for the hard-earned work they do abroad, they look forward to use that for having their own home here,” he said.
Moving forward, Calmar Land is planning to launch at least three to four developments in provincial areas every year. Mr. Alonso said their current land bank spans 400 to 500 hectares across Batangas and Laguna. The company is also looking to develop a project in Bulacan in the next two years. — Arra B. Francia