Iloilo city: SM Development Corporation (SMDC) has officially transferred its PHP248-million vertical socialized housing project, KaUswagan Residences, to the local government of Iloilo City. This milestone represents a significant collaboration between SMDC, the Iloilo City government, and the Department of Human Settlements and Urban Development (DHSUD), finalized during the height of the COVID-19 pandemic.
According to Philippines News Agency, the KaUswagan Residences, located in Barangay San Isidro, Jaro, consists of two four-story buildings with a total of 120 units. Each unit measures 30 square meters and is designated for city government employees earning a Salary Grade 8 or lower. SMDC senior assistant vice-president David Tan expressed hope that this project would inspire future partnerships between government and the private sector to address housing needs in Iloilo City.
Armenia Ballesteros, SMDC’s property acquisition and compliance consultant, explained that the project is part of the company’s
socialized housing compliance. Despite the small requirement for socialized housing in Iloilo City, SMDC advanced compliance in anticipation of future projects. The local government unit (LGU) received a PHP248 million contribution and opted to sell the units to city hall employees at reduced prices, per Mayor Jerry Treñas’ decision.
The sale of these units is expected to generate PHP54 million, which will serve as seed money for the Iloilo City Local Housing Office’s future and ongoing housing initiatives. Marilene Acosta, CEO of the Pag-IBIG Fund, noted that the units are a valuable investment for the beneficiaries, who will purchase them for PHP450,000 each-far below the nearly PHP2 million market value from private developers.
Mayor Treñas highlighted the project’s significance as a landmark in Iloilo City’s housing sector, marking the first socialized vertical development in the city and setting a benchmark for public-private collaborations in housing. The project, he stated, exemplifies the potential
of alliances among LGUs, national agencies, private sectors, and civil society organizations.
Beneficiaries, such as Milagros Arsenal and Ramona Chavez, both expressed enthusiasm about moving into their new homes. Arsenal, employed at the General Services Office with a Salary Grade 3, will own a house for the first time. Chavez, also from the GSO, secured her unit through a raffle and shared her excitement over this opportunity.
The ceremony was attended by acting Mayor Jeffrey Ganzon, who received the symbolic key from SMDC, DHSUD director Angelito Aguila, and Western Visayas regional director Eva Marfil.