Need to catch up with what’s happening in the Philippine real estate industry? Here’s a roundup of the top real estate news this week (Jan. 6-12, 2023).
1. Pag-IBIG posts P73 billion in members’ savings
It was a record high in member savings collections for the Home Development Mutual Fund (Pag-IBIG). The agency posted the amount of P73 billion covering collections from January to November of last year. It surpassed the target of P70 billion, half of which came from the agency’s voluntary program for members known as the Modified Pag-IBIG 2 Savings. This enables Pag-IBIG to comply with benefits and demands for loans without increasing the contribution of members. Real Estate News.PH
2. Office space market rebounds in fourth quarter
Lobien Realty Group reported that the office space market in the country has improved in the fourth quarter of 2022 compared to the same period last year. The real estate consultancy company explained that about 21% of office property are leased at the current average rent of P1,150 per square meter, up from a mere 11% in 2021. Real Estate News.PH
3. Megawide says 2023 a ‘renewed opportunity’ for more projects
Megawide Construction Corp. is aiming for more projects this New Year. This includes helping address the nationwide housing backlog as the government rolls out more initiatives. The company is also banking on higher demand from end users for more affordable and mid-market housing to further prop up its business. Businessworld
4. Cebu Landmasters tops off P3-B Davao City project
A new lifestyle and convention spot has risen in Davao City. The Paragon Davao is the 80,000-square-meter project of Cebu Landmasters Inc. It is a mixed-use development that features a 26-storey residential tower called the One Paragon Place. It also has the Citadines Paragon Davao hotel, the Paragon Davao Convention Center, and the Paragon Davao Lifestyle Mall. Businessworld
5. Pueblo de Oro taps online platform to make loan processing easier
Pueblo de Oro, a developer of affordable housing projects in Cagayan de Oro, Batangas, Pampanga, and Cebu, is partnering with Snapp Ventures, Inc. (SVI) to make the processing of loan applications of homebuyers easier. SVI is the owner and operator of Matchmo, an online mortgage brokerage system that includes 21 local banks. Businessworld
6. QC to collect real property taxes based on 2017 schedule of fair market values
The City Treasurer’s Office of Quezon City is once again collecting real property taxes on land (amilyar) after a five-year hiatus. The Supreme Court suspended it in 2017 after a petition but reinstated it a year after. The city, however, continued the suspension for four more years to ease “the effects of inflation caused by the Tax Reform Acceleration and Inclusion (TRAIN) law” on its constituents. The collection will follow the 2017 schedule of fair market values of land for various classes of real property. Philippine Daily Inquirer
To learn more about “amilyar,” please check out our previous article that discussed all the most important facts you need to know about real property tax.
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Featured Image: Real Estate News.PH