SM Development Corp. (SMDC) sales director Noel M. Roldan also said the SM mall lifestyle of condominiums, including a perimeter garden landscape, multi-purpose hall, sports amenities and swimming pool, will be provided.
“This quality of life is assured for future homeowners that are not provided by other developers,” Roldan told members of the Capampangan in Media, Inc. (CAMI) in last Friday’s “Balitaan” media forum organized in cooperation with the Clark Development Corp. (CDC) at the Bale Balita (House of News) here.
He added that a school in the community is in the future plans of the 29.1-hectare subdivision (25-hectare residential area and 4.1-hectare commercial area where half or 2 hectares will be made into an SM mall).
A transport hub or terminal will also be constructed in the area which is adjacent to the Bundagul Barangay Hall and Trust International Paper Corp. (TIPCO).
Roldan said the project will break ground next month and phase 1 of the socialized housing project will be completed in 24 months for some 774 housing units.
The smallest lot area is measured at 37 square meters for inner units with the biggest at 79 square meters lot area for end units, Roldan said.
The floor area for the middle units is 22 square meters while the biggest has 37 square meters floor area but the deliverable will only be for a first floor unit, he added.
Roldan said homeowners will be able to park their vehicles in front of their housing units since the roads measure 15 meters width unlike other socialized housing projects which have smaller roads of only 8 meters.
He said the lowest housing unit will cost P1,050,000 and payable with a down payment of 10 percent which is in turn payable in 18 months at P5,600 monthly amortization while the remaining balance of 90 percent or P950,100 will be payable in 30 years at P7,305 monthly amortization through the PGIBIG Fund.
Roldan said the project is dubbed: SMDC Cheerful Homes Mabalacat City while a similar project, SMDC Joyful Homes, will also be put up in Cabanatuan City, Nueva Ecija soon.
He said the full Cheerful Homes project will be completed in 2020.
News reports said as early as last year, SMDC, the residential development arm of the Sy-led SM Prime Holdings Inc., was set to enter the socialized housing market to help address the growing housing backlog, particularly in the provinces.
Some 5.5 million housing backlog has been recorded by the Housing and Urban Development Coordinating Council (HUDCC).
Roldan said four SMDC premiere projects – FAME Residences along Edsa, Mandaluyong;, S Residences in Mall of Asia ; Coast Residences along Roxas Boulevard; and Air Residences in Makati – have been sold out.
Meanwhile, Roldan said SMDC is planning to build a medium rise building (MRB) in the former Paskuhan Village in the City of San Fernando which is located near SM City Pampanga.
He said SMDC is planning to start this year the MRB construction which is from eight to 12 floors.
The planned MRB developments are mostly located in SM mall complexes that give residents the utmost convenience with a supermarket, department store and other dining and entertainment venues next door, according to Roldan.
