Property developer eyes meeting OFW demand 

The property industry sees more purchases by overseas Filipino workers (OFW) who account for barely 20 percent of the demand, an official of a new property firm said Tuesday.

 

Stephen Reyes, senior assistant vice president of Picar Development Inc., said their company is eyeing to cater to the growing needs of the OFW market.

 

“(The industry now) cannot even supply 20 percent of the demand… It is important for us to address that need,” Reyes told reporters in a press conference at Buddha Plaza in Makati City.

 

Bangko Sentral ng Pilipinas data showed OFW remittances totaled $6.543 billion in the first quarter, up 5.36 percent from $6.210 billion a year earlier. 

 

Danilo Jugno, Picar general manager, cited their mid-housing development in Cavite – Ara Vista Village – where OFWS accounted for half of the sales of 2,000 houses.

 

Jugno added that six of 10 clients who bought units under their P8,888/48 months promo were OFW families.

 

So far this year, Picar has generated P300 million in sales from OFW clients, said Jugno.

 

He noted that their housing developments cater mostly to locals since foreigners – by law – have “limited access” when it comes to buying house and lot in the country.

 

Foreigners are not allowed to directly purchase a private land, according to Article XII of the Philippine Constitution.

 

But foreigners can opt for condominium units through the Condominium Act of the Philippines, which allow property developers to sell 40 percent of their units to foreigners.

 

Founded in 2007, Picar Development Inc. is the real estate subsidiary of the AMA Group of Companies, who owns the AMA Computer College. — VS, GMA News