Valencia owned property firm acquires from Pag Ibig Fund 8,000 housing units; set to relaunch GA Tower in EDSA
A PIONEERING real estate development company in the country has acquired and taken over the re-development and disposal of multi-billion worth of housing inventory from the government’s Home Development Mutual Fund (HDMF) or Pag-ibig Fund.
Westchester Realty Corporation (WRC), a property firm owned by former Governor and Solon, Rodolfo G, Valencia announced that it is taking over the re-development of GA Tower condominium in EDSA Mandaluyong following the initial success of its acquisition from PAg-Ibig Fund several housing communities previously developed by Globe Asiatique, the company owned by Delfin Lee of the famed housing fiasco more that 10 years ago,
Nico Valencia, President and Chief Operating Officer of WRC disclosed that their company has been emboldened to venture into the re-development of GA Tower located along EDSA beside the Boni-MRT Station, as he disclosed that WRC has acquired more than 8,000 housing units formerly owned by Globe Asiatique over the last 2 years.
These former Globe Asiatique housing communities are located in Pampanga, Binangonan and San Mateo in Rizal province including Valenzuela City and lately GA Tower in Mandaluyong.
“We bought the rights to these non-performing assets of Pag-IBIG fund by way of public auctions”, Valencia explained
“Housing demand is very strong particularly for first-home buyers. We were able to sell more than 4,000 units in the communities housing build by Globe Asiatique throughout the span of the pandemic period (2020-2022), Valencia said.
“Despite those challenging times, our company even gained the momentum that led us to acquiring more of Pag-Ibig Funds non-performing assets (NPA’s)”, he added.
Valencia disclosed that the controversy between HDMF and Globe Asiatique has been resolved with the entry of WRC and their company’s acquisition of the rights of HDMF (Pag-Ibig) Fund thru public auctions, on an “as is, where is basis.
We did our utmost due diligence and together with the assurance from Pag-Ibig Fund, everything has been running accordingly and smoothly, Valencia said
“At the same time we likewise seek the support of Globe Asiatique as this will not prosper without the proper coordination and cooperation from the previous developer, Mr. Delfin Lee”.
“We’ve assured Mr. Lee that WRC will respect and give priority to GA’s previous and original buyers especially those who have fully paid their purchased housing units”, he added
At the start of 2020, WRC acquired the housing units and all its facilities through four separate pubic auctions offered by Pag-Ibig Fund and have since then taken over the re-development and selling of the subject properties to individual buyers mostly composed of Pag-Ibig member-home-borrowers.
“We are very excited about the GA Tower project as this would once again prove to be a success based on the most affordable pricing scheme that we have prepared particularly for qualified Pag-Ibig Fund member-borrowers. It’s location and amenities provide homebuyers the opportunity to own condominium units “right at the center of everything”. Valencia said.
He added that their company’s goal for the GA Tower project is to provide “affordable luxury” coupled with convenience as the condominium project boasts of its location and complete amenities for condominium dwellers in Metro Manila.
A total of 540 units in GA Tower One will be sold starting early next month, in time for its grand launching slated on July 08.
A subsidiary of RGV Group of Companies, a development company with over 300 housing projects for the past 45 years.
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