By Nancy R. Cudis
IF the increasing amount of OFW remittances in the country is sustained and the local demand for housing continues, a group of real estate practitioners are expecting their industry to be performing well in 2010.
Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb) president Emily Cabillada said 2009 has been a good year for the real estate industry despite the effects of the global financial crisis on some overseas Filipino workers (OFWs).
“In fact, 2009’s performance in terms of sales is better than that of 2008,” she said.
Sales increase
She estimated an average of 10 to 15 percent increase in sales in Cebu last year, although she said some developers doubled their sales compared to 2008.
Cabillada attributed the increase to easy payment schemes through banks and Home Development Mutual Fund (Pag-Ibig) and a huge number of buyers coming from the
OFW sector.
The Bangko Sentral ng Pilipinas (BSP) has announced that the money sent home by Filipinos working abroad rose to a monthly record of $1.5 billion in October 2009.
This brought the 10-month level to $14.3 billion, representing a 4.5 percent year-on-year growth.
Remittances
The BSP said that OFWs sent more money to their families whose properties were damaged by typhoons Ondoy and Pepeng.
Major remittances for January to October came from the United States, Canada, Saudi Arabia, Britain, Japan, Singapore, United Arab Emirates, Italy, and Germany.
Cabillada said that a lot of OFW buyers of real estate in Cebu are based in the US.
At the same time, the locals compose a good market for low-end to mid-end housing projects, she added.
“There are many people who want to invest in condominiums, for instance, because they can have them rented or use them personally. Several of our buyers for a P1.8 million to a P2.5 million condo unit are professionals working in business process outsourcing companies with a lot of disposable income,” she said.
Some of these professionals are migrants from other provinces who are looking for greener pastures here.
This, coupled with the growing population, prompted Cabillada to raise the need for more housing projects to answer the demand.
She warned buyers, though, to be careful of bogus agents, saying that buyers can easily report violations committed by a licensed agent and the Philippine Regulation Commission can impose penalties upon the implementation of the Real Estate Service Act this year.
Published in the Sun.Star Cebu newspaper on January 07, 2010.
Thursday, January 7, 2010
Thursday, December 17, 2009
Nominations to body to draft Resa rules up
By Nancy R. Cudis
AS SOON as the implementing rules are out next year, the Professional Regulation Commission (PRC) will regulate and supervise the real estate services instead of the Department of Trade and Industry (DTI).
Real estate practitioners have yet to come up with the guidelines to carry out the Real Estate Service Act of the Philippines (Resa).
The PRC began last month gathering nominations from the real estate industry on who will form the Professional Regulatory Board of Real Estate Service that will draft the implementing rules and regulations of the Resa.
Emily Amie Cabillada, president of the Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb), said the board will be created this month or early next year.
President Arroyo signed Resa into law last June 29. The law, which is designed to develop the real estate industry through proper and effective regulation and supervision, took effect on July 30.
Cabillada said that 90 days after implementation of the Resa law, the DTI will turn over its responsibility of real estate services to the PRC.
But the PRC cannot carry out these functions because the Professional Regulatory Board of Real Estate Service has yet to be created.
Although the DTI and PRC reported to have signed a memorandum of agreement to address this matter, the details of the agreement have not yet been disclosed, said DTI 7 regulatory division chief Josh Carol Ventura.
While waiting for an order, the DTI will help out the PRC and the real estate industry, especially during the turnover of functions, through its trade regulation and consumer protection office, she said.
Cabillada said the DTI will still assume some functions while the board is being created.
According to the Resa law or Republic Act 9646, the Professional Regulatory Board of Real Estate Service will be composed of a chairperson and four members who will be appointed by the President from the list of names recommended by the PRC.
These recommendations are based on the list of nominees submitted by the accredited and integrated professional organization of real estate practitioners.
The licenses of real estate consultant, appraisers, brokers and salespersons cannot be renewed until the board and the IRR are created.
There is, however, a provision in the Resa law that gives them a grace period of two years while the board is being formed, Cabillada said.
Also, the board is to conduct licensure tests for the practice of the real estate service profession.
Published in the Sun.Star Cebu newspaper on December 12, 2009.
AS SOON as the implementing rules are out next year, the Professional Regulation Commission (PRC) will regulate and supervise the real estate services instead of the Department of Trade and Industry (DTI).
Real estate practitioners have yet to come up with the guidelines to carry out the Real Estate Service Act of the Philippines (Resa).
The PRC began last month gathering nominations from the real estate industry on who will form the Professional Regulatory Board of Real Estate Service that will draft the implementing rules and regulations of the Resa.
Emily Amie Cabillada, president of the Philippine Association of Realtors Board Inc.-Cebu Realtors Board Inc. (Pareb-Cereb), said the board will be created this month or early next year.
President Arroyo signed Resa into law last June 29. The law, which is designed to develop the real estate industry through proper and effective regulation and supervision, took effect on July 30.
Cabillada said that 90 days after implementation of the Resa law, the DTI will turn over its responsibility of real estate services to the PRC.
But the PRC cannot carry out these functions because the Professional Regulatory Board of Real Estate Service has yet to be created.
Although the DTI and PRC reported to have signed a memorandum of agreement to address this matter, the details of the agreement have not yet been disclosed, said DTI 7 regulatory division chief Josh Carol Ventura.
While waiting for an order, the DTI will help out the PRC and the real estate industry, especially during the turnover of functions, through its trade regulation and consumer protection office, she said.
Cabillada said the DTI will still assume some functions while the board is being created.
According to the Resa law or Republic Act 9646, the Professional Regulatory Board of Real Estate Service will be composed of a chairperson and four members who will be appointed by the President from the list of names recommended by the PRC.
These recommendations are based on the list of nominees submitted by the accredited and integrated professional organization of real estate practitioners.
The licenses of real estate consultant, appraisers, brokers and salespersons cannot be renewed until the board and the IRR are created.
There is, however, a provision in the Resa law that gives them a grace period of two years while the board is being formed, Cabillada said.
Also, the board is to conduct licensure tests for the practice of the real estate service profession.
Published in the Sun.Star Cebu newspaper on December 12, 2009.
Real estate industry posts 15% sales hike
(The Freeman) Updated December 11, 2009 12:00 AM
CEBU, Philippines - The real estate industry in Cebu posted a 15 percent increase in sales this year despite the gloomy economic ambiance.
Cebu Realtors Board Inc. president Emily Cabillada said that they had a very good year for 2009 compared to 2008.
Cabillada said that they saw a general increase of 10 to 15 percent in terms of sales performance with a huge chunk of sales generated coming from the Overseas Filipino Workers.
According to Cabillada, OFWs see real estate as a good investment for their hard-earned money as it gives them the assurance that they have something good to see whenever they come back from work.
She said that most of the investments come from the United States but still the local market plays a vital role in the development of the real estate industry.
Cabillada said that this has also been noted as there is even more demand than the supply considering also the growing population of the locals plus the immigrants that come to Cebu.
She said that they also credit the growth of the industry through the easy payment schemes that realty developers are coming up with in order to gather more clients who appreciate the more convenient ways of paying and owning house and lots.
Cabillada said that they are looking forward for the coming year in which they are optimistic of the continuous growth of the industry. “We are seeing a better 2010.”
According to Cabillada, aside from OFW’s they mostly have starting up families as clients and the young professionals.
For the coming year, Cabillada said that they are focused on educating the people on the Real Estate law or the act regulating the practice of real estate service in the Philippines, which is created for the purpose a professional regulatory board of real estate service.
Also, she said that they will be having real estate seminars, forums and fairs to help the real estate agents and also to introduce further the industry to the public.
At present, PAREB-CEREB has around 145 active members and more than 2,000 members all over the country for PAREB.— AJ de la Torre
CEBU, Philippines - The real estate industry in Cebu posted a 15 percent increase in sales this year despite the gloomy economic ambiance.
Cebu Realtors Board Inc. president Emily Cabillada said that they had a very good year for 2009 compared to 2008.
Cabillada said that they saw a general increase of 10 to 15 percent in terms of sales performance with a huge chunk of sales generated coming from the Overseas Filipino Workers.
According to Cabillada, OFWs see real estate as a good investment for their hard-earned money as it gives them the assurance that they have something good to see whenever they come back from work.
She said that most of the investments come from the United States but still the local market plays a vital role in the development of the real estate industry.
Cabillada said that this has also been noted as there is even more demand than the supply considering also the growing population of the locals plus the immigrants that come to Cebu.
She said that they also credit the growth of the industry through the easy payment schemes that realty developers are coming up with in order to gather more clients who appreciate the more convenient ways of paying and owning house and lots.
Cabillada said that they are looking forward for the coming year in which they are optimistic of the continuous growth of the industry. “We are seeing a better 2010.”
According to Cabillada, aside from OFW’s they mostly have starting up families as clients and the young professionals.
For the coming year, Cabillada said that they are focused on educating the people on the Real Estate law or the act regulating the practice of real estate service in the Philippines, which is created for the purpose a professional regulatory board of real estate service.
Also, she said that they will be having real estate seminars, forums and fairs to help the real estate agents and also to introduce further the industry to the public.
At present, PAREB-CEREB has around 145 active members and more than 2,000 members all over the country for PAREB.— AJ de la Torre
Saturday, August 15, 2009
Developer sees demand growth for pocket housing subdivisions
By Nancy R. Cudis
sunstar.com.ph
THE demand for pocket residential subdivisions has bolstered the confidence of the marketing arm of a new upscale housing development in Cebu.
F9 Property Development and Consultancy Inc., a real estate service provider, recently started pre-selling the 18 Mediterranean-themed units of Pigafetta Court, a pocket subdivision in Bulacao, Pardo, Cebu City.
“Small compact townhouses are now the trend in the (local) real estate industry. This is because their location is private yet ideal, being near to the city. It is also attractive to small investors who want fast payback to their investments,” said F9 president Emily Cabillada in a phone interview.
Pigafetta Court is the first project of Cebu-based developer Tropica Sphere Development Corp. that is owned by Ramon Jalipa, a retired balikbayan.
The residential development occupies a land area of 2,189 square meters (sq. m). It has four model units, including Sofia (125.79 sq. m.), Verna (124.57 sq. m.), Rossana (132.57 sq. m.), and Gina (134.45 sq. m.).
Cabillada said the foundation of the Pigafetta Court units is asphalted to prevent termites, a technology that Jalipa brought from the US.
F9 is eyeing young couples, locals, balikbayans and start-up families for the units whose introductory promo prices for the first five buyers range from P3.2 million to P4.3 million.
Two families have reserved units at Pigafetta Court, said Cabillada.
She said the construction of the townhouse units will take five to six months, and will begin after the buyer has made a 30-percent down payment. The remaining cost of the house and lot can be paid through bank financing. F9 is also arranging possible financing for buyers through Pag-Ibig Fund.
sunstar.com.ph
THE demand for pocket residential subdivisions has bolstered the confidence of the marketing arm of a new upscale housing development in Cebu.
F9 Property Development and Consultancy Inc., a real estate service provider, recently started pre-selling the 18 Mediterranean-themed units of Pigafetta Court, a pocket subdivision in Bulacao, Pardo, Cebu City.
“Small compact townhouses are now the trend in the (local) real estate industry. This is because their location is private yet ideal, being near to the city. It is also attractive to small investors who want fast payback to their investments,” said F9 president Emily Cabillada in a phone interview.
Pigafetta Court is the first project of Cebu-based developer Tropica Sphere Development Corp. that is owned by Ramon Jalipa, a retired balikbayan.
The residential development occupies a land area of 2,189 square meters (sq. m). It has four model units, including Sofia (125.79 sq. m.), Verna (124.57 sq. m.), Rossana (132.57 sq. m.), and Gina (134.45 sq. m.).
Cabillada said the foundation of the Pigafetta Court units is asphalted to prevent termites, a technology that Jalipa brought from the US.
F9 is eyeing young couples, locals, balikbayans and start-up families for the units whose introductory promo prices for the first five buyers range from P3.2 million to P4.3 million.
Two families have reserved units at Pigafetta Court, said Cabillada.
She said the construction of the townhouse units will take five to six months, and will begin after the buyer has made a 30-percent down payment. The remaining cost of the house and lot can be paid through bank financing. F9 is also arranging possible financing for buyers through Pag-Ibig Fund.
Saturday, August 1, 2009
PIGAFETTA COURT – Cebu’s latest development
Cebu City’s south is bustling with renewed activity with the latest development of a new subdivision – Pigafetta Court, located at Bulacao, Pardo. This is just within the vicinity of St. Jude Acres Subdivision, and a few minutes from the city proper and from the new South Road Properties.
Pigafetta Court is a private and very exclusive pocket subdivision composed of only 18 Mediterranean-themed townhouses. Designed to meet and satisfy the demands and the pace of modern urban lifestyle, it features all underground utility cables and wires & storm drainage, has very wide 8-m subdivision road, concrete curbs and gutters, and has a perimeter fence with landscaped entrance and guardhouse.
There are 4 models to choose from – Sofia and Verna, which are 2 storey townhouses with attic, featuring 3 bedrooms, 2 toilet & bath, maids room, powder room and 1 car port. Rossana and Gina model houses have 3 storeys with 4 bedrooms, 3 toilet & bath, powder room, maid’s room and 2 carports. All constructed with quality materials and unique building technology, such as the laying out of the house foundation with asphalt for termite prevention.
The price is very affordable, and staggered and flexible payment terms are available. Promo and introductory pricing is being offered for the first few lucky buyers. >>Click here to view promo ad<<
Pigafetta Court is a jewel in the South that is seen to increase its worth & livability for its convenient access to the City’s future business and cultural hub – Cebu South Road Properties or SRP, and therefore would be a worthwhiled investment.
Pigafetta Court is named after the Italian Antonio Pigafetta, the chronicler of the Magellan Expedition that first circumnavigated the globe from 1519 to 1522. He fought in Mactan and was one of the 22 survivors who returned to Spain. A tribute for Pigafetta was erected at Fort San Pedro by the Philippine Italian Association in 1980.
This project is exclusively marketed by F9 Property Development and Consultancy, Inc., a complete real estate service provider which provides services in property sales and marketing, property management & development, and consultancy.
For reservations and inquiries, please call Tel. No. 254-3988 or 582-2588 or visit at Rm. 3, Eleven Bldg. F. Ramos St., Cebu City (across St. Paul’s College); or email at contactus@f9realestatebiz.com.
Monday, July 27, 2009
RESA Law takes effect July 30, 2009
DTI will no longer accept applications for license, whether original or renewal upon effectivity.
After years of lobbying, Republic Act No. 9646 otherwise known as the “Real Estate Service Act of the Philippines” or RESA was finally signed into law on June 29, 2009 by President Gloria Macapagal Arroyo and will take effect July 30, 2009.
How does this law affect the practitioners?
RESA is an an act regulating the practice of real estate service in the Philippines, creating for the purpose a Professional Regulatory Board of Real Estate Service (Board) under the supervision and administrative control of the Professional Regulation Commission (PRC). The express repeal by RESA of Sections 3 (e) and (ee) of Act. No. 2728, as amended, the law from which Department of Trade and Industry (DTI) draws its authority to regulate the real estate service practice, will also result in the repeal of Ministry Order No. 39, Series of 1985, as amended, and other related issuances implementing Act No 2728.
One of the provisions of this law that is of immediate significance is the registration without examination of real estate brokers, real estate appraisers and real estate consultants who on the date of effectivity of the law are already licensed by DTI pursuant to M.O. No. 39.
All qualified applicants for registration without examination as well as accredited salespersons shall be required to take an oath before any member of the Board or any officer of the Commission duly authorized by the Commission to administer oaths prior to entering into the practice of real estate service in the Philippines.
The RESA mandates the transfers of regulation of real estate practice from the DTI to the PRC and transfer all pertinent records to the PRC within ninety (90) days from effectivity.
As a consequence, starting July 30, 2009 the DTI Field Offices will no longer accept application for license, whether original or renewal, of real estate consultants, appraisers, brokers and salespersons. All records pertaining to licensed practitioners will be prepared for transmittal to the Board.
Those who have expired licenses or passers of previous examinations who have not applied for a license as of the above deadline will now be subject to the RESA which requires examination for licensure.
New and tougher requirements have been adopted in the RESA, like for brokers, an applicant for examination must be holder of a relevant bachelor's degree from a state university or college, or other educational institution duly recognized by the CHED: Provided, That as soon as a course leading to a Bachelor's degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the "licensure examination”. For real estate salespersons, no examination shall be given, but they shall be accredited by the Board, provided, that they have completed at least two (2) years of college.
The Act also states a penalty of a fine of not less than One hundred thousand pesos (P100,000.00) or imprisonment of not less than two (2) years, or both for any violations of this act or including violations of implementing rules and regulations.
However, any cases involving violation of Act No. 2728 as amended, whether pending or those that will be filed prior to effectivity of RESA, shall remain with DTI given the prospective application of the law.
RESA also mandates that all real estate service associations shall be integrated into one (1) national organization, which shall be recognized by the Board, subject to the approval of the Commission, as the only accredited and integrated professional organization of real estate service practitioners.
A real estate service practitioner duly registered with the Board shall automatically become a member of the accredited and integrated professional organization of real estate service practitioners.
Click here to view RESA pdf file
After years of lobbying, Republic Act No. 9646 otherwise known as the “Real Estate Service Act of the Philippines” or RESA was finally signed into law on June 29, 2009 by President Gloria Macapagal Arroyo and will take effect July 30, 2009.
How does this law affect the practitioners?
RESA is an an act regulating the practice of real estate service in the Philippines, creating for the purpose a Professional Regulatory Board of Real Estate Service (Board) under the supervision and administrative control of the Professional Regulation Commission (PRC). The express repeal by RESA of Sections 3 (e) and (ee) of Act. No. 2728, as amended, the law from which Department of Trade and Industry (DTI) draws its authority to regulate the real estate service practice, will also result in the repeal of Ministry Order No. 39, Series of 1985, as amended, and other related issuances implementing Act No 2728.
One of the provisions of this law that is of immediate significance is the registration without examination of real estate brokers, real estate appraisers and real estate consultants who on the date of effectivity of the law are already licensed by DTI pursuant to M.O. No. 39.
All qualified applicants for registration without examination as well as accredited salespersons shall be required to take an oath before any member of the Board or any officer of the Commission duly authorized by the Commission to administer oaths prior to entering into the practice of real estate service in the Philippines.
The RESA mandates the transfers of regulation of real estate practice from the DTI to the PRC and transfer all pertinent records to the PRC within ninety (90) days from effectivity.
As a consequence, starting July 30, 2009 the DTI Field Offices will no longer accept application for license, whether original or renewal, of real estate consultants, appraisers, brokers and salespersons. All records pertaining to licensed practitioners will be prepared for transmittal to the Board.
Those who have expired licenses or passers of previous examinations who have not applied for a license as of the above deadline will now be subject to the RESA which requires examination for licensure.
New and tougher requirements have been adopted in the RESA, like for brokers, an applicant for examination must be holder of a relevant bachelor's degree from a state university or college, or other educational institution duly recognized by the CHED: Provided, That as soon as a course leading to a Bachelor's degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the "licensure examination”. For real estate salespersons, no examination shall be given, but they shall be accredited by the Board, provided, that they have completed at least two (2) years of college.
The Act also states a penalty of a fine of not less than One hundred thousand pesos (P100,000.00) or imprisonment of not less than two (2) years, or both for any violations of this act or including violations of implementing rules and regulations.
However, any cases involving violation of Act No. 2728 as amended, whether pending or those that will be filed prior to effectivity of RESA, shall remain with DTI given the prospective application of the law.
RESA also mandates that all real estate service associations shall be integrated into one (1) national organization, which shall be recognized by the Board, subject to the approval of the Commission, as the only accredited and integrated professional organization of real estate service practitioners.
A real estate service practitioner duly registered with the Board shall automatically become a member of the accredited and integrated professional organization of real estate service practitioners.
Click here to view RESA pdf file
Wednesday, April 29, 2009
Consultants form estate mgt. firm
IN response to the growing demand for real estate con-sultancy and property management services, nine real estate practitioners formed a group that aims to become a significant force in Cebu’s real estate industry.
Formally introduced as F9 Property Development and Consultancy Inc. in a launching last week, the group wants to establish itself as a real estate service provider that offers “high-level” services, which include consultancy, property management and property development.
F9 chairman Tomasito Academia said that as Cebu continues to attract investors in information and communications technology, there is a need to provide them with important information to enable them to make right decisions.
“Many would come to Cebu, asking for information on our culture and lifestyle, as well as financial issues—especially concerning taxes—on doing business here,” said Academia, also Philippine Association Real Estate Board Inc. vice president for the Visayas.
He said F9 is one of two real estate consultancy companies in Cebu and among the “very few” in property management.
F9 president Emily Cabillada said that many local and foreign businessmen are looking for office spaces in Cebu to house investments in business process outsourcing and software development.
Residential development in Talisay City and Minglanilla have also picked up with the anticipated commercial development of the South Road Properties in Cebu City.
Cabillada also raised the need for property management to preserve real estate projects and increase their value.
“Investors will realize that property management is not an expense since it will improve their infrastructure and keep their tenants happy. There is now high demand for property management services as the rate of take-up of condominiums in Cebu increases. If a property is not properly managed, scrupulous transactions could happen,” she said.
F9 will be tapping big buildings and subdivisions for its property management services to. Its major areas of responsibility includes administrative, finance, maintenance, security, marketing, leasing, tax payments, and asset management and preservation, among others.
Cabillada said that F9 has a combined experience of more than 100 years with each member having different specialties in the real estate industry.
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