We need a partner in the Subic Project to build 370 low cost houses. Alamco will contribute the land into the joint venture, arrange pre-selling to the La Genda Employees and other private buyers and arrange with a Philippine Mortgage Bank to underwrite the mortgage.
Subic Housing is located in Sto. Tomas, Subic Zambales, Philippines. Phase 1 consist of 9.5 hectares of developed housing subdivision with 370 individual titles. The lots are 170 square meters average size. A detailed measurement of each individual lot is on file. There are 3 demo houses on site. Typically hallow blocks with GI roof construction.
The housing development is only 5-10 minutes to La Genda Hotel and Casino complex located in Subic Naval Base. La Genda is in operation for the past 5 years and has 2,000 employees. The Subic housing project is developed for a) La Genda employees b) all private buyers in Subic c) foreign nationals wanting to retire in Subic. There is interest from retired Australians to have a residence in Subic.
La Genda Casino Hotel
The Hotel Casino complex is owned by Malaysian group Genting Highlands the same group that owns Burswood Casino and Star Cruises Cruise ships. Because of the proximity of the development area to the Hotel, they are willing to endorse the housing projects to their employees and the Human Resources will do automatic salary deductions for mortgage payments.
The challenge is to make a house and land package for amount ranging from P800,000 to P1,000,000 maximum. The buyers have an income range of US$250 to 500.00 per month. Typically a husband and wife works so we are looking at joint income of about US$500 to $700.00 per month.
Allocation for Housing
On the high side, working on a P1,000,000 house and land package budget, this is AU$40,000 at current Peso to Australian conversion of P25:AU$1.
On the low side, working on a P800,000 house and land package budget, this is Typical house design is a 10 x 5 x 1.5 story house. The challenge is to make the house and lot package to cost about Peso 800,000.
This project is viable from an expatriate contractor point of view if the houses are constructed on a kit form. A local contractor is found to construct the houses of concrete pre-manufactures moulded concrete material called MOLDICRETE
Arguments against the kit concept are: