Ayala Land cuts down payment requirement for housing projects
The market for residential property is expected to remain strong in the coming years despite the ongoing building boom—especially in condominiums.
Given this scenario, publicly listed Ayala Land Inc. on Tuesday announced the reduction in the down payment requirements across its entire range of products-from high-end residences to socialized housing units.
In a briefing, company vice president and treasurer Augusto Bengzon said all indicators, including the property developer's latest financial report, showed the real estate market would remain robust.
"When we conceptualized this program, we had been experiencing an all-time high figure in sales across all the brands," Bengzon said.
Bengzon added that the new program was not being implemented to spur sales but, instead, to take advantage of the low interest rates prevailing in the local financial system.
On Tuesday, the company announced it would cut its minimum down payment requirement on its products to 5 percent-from the industry standard of 20 percent-for this month alone.
As such, a buyer for Ayala Land's Amaia socialized housing unit can start the process of owning a home with a down payment of as little as P30,000, company officials said.
"With down payments being one of the biggest financial concerns in home buying, Ayala Land partnered with select banking institutions and made it easier for families to make their dream home into a reality, by offering living options at very low down payments," said Tom Mirasol, who heads the company's residential business sales and marketing group.
Under this program dubbed Ayala Land Home Run, the real estate developer would partner with BPI Family Bank, Security Bank and RCBC Savings Bank to help finance the remaining 95 percent of the purchase price for the property through long-term loans.
The program is open to qualified buyers who are interested in acquiring properties sold under Ayala Land's Premier, Alveo, Avida and Amaia sub-brands, officials said.
In recent years, Ayala Land's dominance of the local real estate industry had been increasingly challenged by newer but more aggressive players that made inroads into the market by offering a cheaper range of housing products.
Company officials pointed out that, with the new program, potential homeowners would be able to acquire higher-quality products of the Ayala-controlled firm-the country's largest real estate developer-under more affordable terms.
Philippine Daily Inquirer
09 August 2011
By: Daxim L. Lucas
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