PH1 World Developers, Inc. seeks to finish a P2-billion mid-rise residential housing project in Imus, Cavite by 2026, according to its top official.
The project will cater to government employees, policemen and teachers, PH1 Chairman and Chief Executive Officer Edgar B. Saavedra said on the sidelines of the project’s groundbreaking ceremony on Tuesday.
“This is a tripartite agreement involving the Imus City local government, Department of Human Settlements and Urban Development and the developer,” PH1 General Manager Eric Gregor G. Tan said in a separate interview.
On Tuesday, PH1, the Imus City local government and Human Settlements department launched the Imus-PH1 Pambansang Pabahay Para sa Pilipino (4PH) housing project.
Situated on a 1.3-hectare lot, the project will have 1,100 units across five buildings.
Each unit, spanning 27 square meters, will cost P1.8 million to more than P2 million. The project will have amenities such as a clubhouse and a basketball court.
The 4PH project is an initiative of the Human Settlements department that seeks to address the country’s 6.5-million housing backlog by building a million housing units yearly until 2028.
Under the project, the Human Settlements department lowered the preferential interest rate on loans to 1% from 6% to address the housing shortage.
PH1 is the real estate unit of listed Megawide Construction Corp. — Revin Mikhael D. Ochave
