Officials of Bayambang, Pangasinan and the Pag-IBIG Fund lead the groundbreaking ceremony for a socialized housing project for municipal government employees. The project, which is called “LGU Ville Subdivision,” will rise in Bayambang’s Sancagulis village. CONTRIBUTED PHOTO
BAYAMBANG, Pangasinan – The local government of this central Pangasinan town and the Pag-IBIG Fund on Monday held the groundbreaking rites for a socialized housing project for municipal government employees.
The project, which is called “LGU Ville Subdivision,” will rise in Sancagulis village and is the first venture of the Bayambang local government as a developer under the special business enterprise program of the government, Mayor Cesar Quiambao said.
The LGU Ville will occupy a 3.7-hectare property in the village and can accommodate 255 houses with three classifications – row, single attached and single detached.
Quiambao said while the priority buyers are the municipal government employees, it will also be open to other residents who are members of Pag-IBIG Fund.
The houses are sold lower than the valuation of Pag-ibig, but the local government expects to earn P58 million from the venture in two years when all the houses are sold.
He said row houses are sold at P1.2 million, single attached at P1.9 million and single detached at P2.5 million.
The length of payment would depend on the age of the buyers, with the younger buyers to pay longer. Fermin Sta. Teresa Jr., Pag-IBIG vice president for Business Development Officer, said the loans would have a fixed interest rate of 5.5 percent annually.
The subdivision for employees is beside the free housing units for selected members of 4Ps from the town.