THE Department of Human Settlements and Urban Development (DHSUD) and National Economic and Development Authority (NEDA) have agreed to adjust the price ceiling for socialized subdivision and condominium projects, citing the current pricing no longer responds to prevailing economic conditions.
Under the adjusted ceiling, socialized subdivision projects now cost no more than P850,000 from the current P580,000 for units with a minimum floor area of 28 square meters with a loft of at least 50 percent of the base structure or 32 sqm, subject to existing rules and regulations.
The socialized condominium projects are now set at P933,320 for 22sqm; P1,060,591 for 25 sqm, and P1,145,438 for 27 sqm for a
four-storey building. For projects composed of five to nine-storeys,
the pricing is P1 million for 22 sqm; P1,136,364 for 25 sqm and P1,227,273 for 27sqm, and for 10 floors above projects, 22 sqm units cost P1,320,000; 25 sqm at P1,500,000 and 27 sqm at P1,620,000.
DHSUD Secretary Jose Rizalino Acuzar and NEDA Secretary Arsenio
Balisacan signed Joint Memorandum Circular No. 2023-003 to adjust the
current price ceiling which has been in effect since 2018 pursuant to
Resolutions Nos. 1 and 2 issued by the Housing and Urban Development
Coordinating Council.
The adjustment was an offshoot of months of thorough review and lengthy discussions between the agencies’ teams, scrutinizing all its pros and cons to the housing and real-estate sector with utmost consideration to home buyers, and the national economy in general, Acuzar said.
The DHSUD and NEDA were also in agreement on the huge economic
pump-priming potentials of the housing and real-estate sector.
With the inclusion of land development cost, socialized condominium projects’ price ceiling is set at maximum P1,800,000.
According to DHSUD, the move is touted as a huge boost to the ongoing implementation of President Ferdinand Marcos Jr.’s flagship Pambansang Pabahay para sa Pilipino Program to prompt active participation of and the much-needed investments from private contractors and developers.