MANILA – Lopez-owned property developer Rockwell Land Corp. has acquired a 37-hectare property in Lipa, Batangas as it forays into an affordable housing segment.
Divino Villanueva, Vice President for Affordable Housing, said the company would start construction of its first horizontal housing project next year, catering the mid-market and affordable segments.
Villanueva expects to complete the three-phase housing project in five to seven years.
He said a unit costs Php4 million to Php5 million at the mid-market level.
“We are bullish on the affordable and the provincial market because if you look at the statistics, in fact, there’s a large housing backlog in the provinces on the affordable housing,” Villanueva said in an interview.
He said the country’s housing backlog totals about three million so “everybody is trying to do their share.”
Apart from Batangas, Villanueva added they were looking for more sites to build more housing projects.
“South Luzon is a priority. And within South Luzon, Batangas is our priority. Obviously, other areas there would be Cavite and Laguna,” he said.
The developer earlier unveiled plans to expand its hotel and leisure businesses amid the upbeat tourism growth prospects of the country.