Synergy International Group of Companies from Malaysia has joined Aquira Land Development Corporation (ALDC), through its property development division Synergy International Realtors Sdn Bhd, as a co-developer of an ongoing 57-hectare, low-cost housing project in Pampanga.
In a statement, Synergy CEO Vijay Kumar said the affordable mass housing project located in Mexico, Pampanga has a project cost of P1.5 billion for Phase 1 alone, which will churn out 1,500 units. Synergy will fund the initial 200 units to be developed over a two year period. The low cost mass housing project will be a four-phased development with 6,150 units overall.
The low-cost mass housing development is primarily intended to serve the housing requirements of overseas Filipino workers.
“It has always been our goal to enter property development in the Philippines. It is only fitting to start off with a project that has a social aspect and that aims to offer decent but affordable housing to a long underserved market,” said Kumar at the formal signing of the joint venture agreement.
The project is in line with a government initiative to build 1,000,000 new low-cost and socialized houses before the end of 2023, said Kumar.
“The participation of Synergy will allow us to deliver livable units in the shortest amount of time” shared ALDC CEO Erick Armigos. “Our objective has always been to be involved in as many low-cost and socialized housing projects as we can and to build and deliver as many livable units as quickly as we can,” he said. “Malaysia has a large contingent of overseas Filipino workers, a big reason we chose this particular project is to give these workers more housing options when they come home to retire, or even just to buy for their families here,” added Kumar.
To date, the developers have already started clearing operations at the site to be followed immediately by the construction of the main gate, the guardhouse, and the model units.
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Manila Bulletin and written by Bernie Cahiles-Magkilat.
About Post Author
More Stories
Gov’t offices lead transactions in Q1 — Leechiu Property
Ayala’s logistics arm doubling cold storage capacity
SM Prime marks 30th anniversary with record-breaking income, PHP 100 billion investment for 2024