Socialized housing project for Mandaluyong residents

CDC Holdings president and CEO Elsie Chua, Mandaluyong Mayor Carmelita “Menchie” Abalos and Pag-IBIG Fund senior vice president for lending operations Fermin Sta. Teresa shows memorandum of agreement that sealed their partnership during the MCA Homes groundbreaking ceremony.

Residents of Barangay San Ignacio, Plainview in Mandaluyong are set to benefit from the development of MCA Homes, a joint venture project between CDC Homes Development & Ventures Inc. (CDC Homes), an affiliate of CDC Holdings and the City Government of Mandaluyong.

Set to rise on a 348-sqm land in Plainview, MCA Homes is a fulfillment of the socialized housing commitment of offering decent homes at an affordable cost and providing basic services to the underprivileged and the homeless in urban areas. The first six floors of MCA Homes will be dedicated to socialized housing and will be offered to priority buyers of San Ignacio and to the families to be affected by the Pantaleon-Estrella Bridge renovation and to the minimum-wage Pag-IBIG members of the barangay.

While this is a compliance requirement in support of the launch of CDC Homes’ River Park Place, MCA Homes will set the bar high for socialized housing. MCA Homes will boast of features and amenities found in a typical condo project that has never been done before in socialized housing. A key card will be needed to gain entrance to the property. There will also be a roof deck, play area and a garden where residents can enjoy community building and family bonding activities. Just like a typical condominium, there will be individual water and electric meter for each unit, a standby generator and a fire protection system.

Payments are made lighter with subsidized interest rates for socialized housing units through Pag-IBIG’s Affordable Housing Program, extending a 3 percent interest rate for the initial five years of the payment term of minimum wage Pag-IBIG Fund members whose income does not exceed P15,000 per month if working in NCR and P12,000 per month if they are working in the regions. For units beyond the socialized housing package, a 6.375 percent per annum will be charged through Pag-IBIG’s Regular End-User Financing.

Chua presenting the layout of the socialized housing project to Pag-IBIG Fund senior vice president for Lending Operations Sta. Teresa.

Mandaluyong Mayor Carmelita “Menchie” Abalos sees MCA Homes as a blessing for the San Ignacio homeowners. She enthused how CDC Homes has brought Christmas early to the community, bringing to life the families’ dream of having their own homes. She said, “CDC Homes was very open and accommodating when we presented to them this property. We thank them for partnering with us and making this vision happen.”

“We believe in the vision of Mayor Abalos and it is our privilege to be part of the fruition of this socialized housing vision in Mandaluyong. The development of MCA Homes is also our way of delivering our mission of providing every Filipino family an affordable home that they can be proud of,” Elsie Chua, CDC Holdings president and CEO said.

Scheduled to be completed in 16 months-time, MCA Homes is CDC’s first foray into socialized housing and would be open to more similar projects with the other local municipalities in the future.