Unsold condos get new lifeline

Private developers will soon get a new avenue to unload unsold condominium units, particularly in Metro Manila, under an upcoming housing scheme that could also give Filipino homebuyers access to more affordable properties.

The Department of Human Settlements and Urban Development (DHSUD) said the new modality under the government’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program will cover prime-located condominium units priced at ₱3 million and below.

The program will be implemented through the Pag-IBIG Fund, allowing qualified buyers to purchase participating units using its low-interest housing loans.

DHSUD Secretary Jose Ramon Aliling said the initiative is designed to address the condominium oversupply while expanding affordable housing choices for Filipinos.

“With this new modality through Pag-IBIG Fund, we will enable private developers to sell more units, thus addressing inventory issues, while offering wider options for our homebuyers and access to best-located housing units at a lower price with low interest rates,” Aliling said.

“It will be a win-win balance for our stakeholders.”

The new mechanism will also allow private developers to use participating condominium units as a way to meet their balanced housing development compliance requirements, giving them another incentive to join the program.

The initiative was presented during a recent meeting of the Private Sector Advisory Council Infrastructure Sector Group-Real Estate chaired by President Ferdinand R. Marcos Jr.

Private developers signaled their willingness to lower the selling prices of their units to make them eligible for the program.

The DHSUD and Pag-IBIG Fund are expected to issue the formal guidelines for implementing the new modality.