HLURB 7 on track to hit P48M revenues

• Source:https://www.sunstar.com.ph/article/1817419/Cebu/Business/HLURB-7-on-track-to-hit-P48M-revenues
• Wednesday, August 7, 2019

By JOHANNA O. BAJENTING

THE Housing and Land Use Regulatory Board (HLURB) 7 is eyeing to hit P48 million in revenues this year, as the economic atmosphere of the region for real estate projects remains favorable.

HLURB 7 Director Dunstan San Vicente told SunStar Cebu that the agency is now P6 million shy of hitting the target as they already managed to collect P42 million within the first seven months from fees on the issuances of development permits and License to Sell (LTS) from condominiums and subdivisions.

“The economic climate has been pretty robust and has become friendlier. Of course, it shows the trust to business enterprises, the trust of customers and buyers as well as clearer and more responsible government regulation in the industry,” San Vicente said.

The target revenue was set by the agency’s central office and the Department of Budget and Management.

“Every year, the target jumps to greater heights,” he said.

For the first and second quarters of 2019, HLURB 7 approved 45 applications composed of subdivisions, condominiums and memorial parks.

Of the total, the agency approved 22 subdivision projects, 21 condominium projects and two memorial park developments.

The subdivision projects were comprised of 813 house and lot units for the open market or the high-end with a price ceiling of P4 million and above; 1,072 house and lot units for the economic segment; and 2,137 house and lot units for socialized housing.

The price ceiling for an economic housing is at P450,000 and not more than P1.75 million while a socialized housing is at P600,000 to P650,000.

The approved condominium projects are comprised of 2,924 units for the open market and 1,841 units for the economic housing market.

The agency also approved a total of 1,831 available plots for the two memorial park projects.

Most of the approved projects are located in Cebu province while some are situated in Samar, Leyte and Negros Oriental.

San Vicente attributed the accelerated developments in real estate to the steady demand for housing.

“There is an increased investment in the real estate industry,” he said.