‘Special discounts’ a normal thing in real estate industry—Villar

MANILA, Philippines—Giving “special prices” are usually offered by real estate developers when their properties have been damaged by typhoons, Senator Manny Villar said Tuesday.

Villar offered this information while the Senate sitting as an impeachment court was discussing a P10-million cut that Megaworld Corp gave to Chief Justice Renato Corona when he bought a 303.-square-meter condominium in Taguig City for P14.5 million.

“Iba-iba po ang policy ng developer diyan sa condominium. Maraming circumstances po iyan. Meron pong naghahabol ng benta, ika nga, kapag yearend, at malalaki ang discount,” he said.

“Kapag inabot ng bagyo at nasira, talagang mga special na presyo na iyan. Normally maraming flexibility po ang mga manager diyan. Wala sila iyong mga hanggang 10% ka lang, merong flexibility sila,” he added.

In fact, Villar pointed out that a big developer—the SM Development Corporation or SMDC—offered a 40- percent discount for all their condominium units just last December.

“Noong Disyembre po, sa mga nagbabasa po ng dyaryo at siguro milyun-milyon po ang nakabasa nito, isang malaking developer po ang nag-offer ng 40 percent discount to anybody, to everybody. Hanapin niyo po ang dyaryo noong Disyembre at makikita po ninyo, dalawang pages po iyon. 40 percent discount to everybody sa condominium, lahat ng units nila,” he said.

Villar initially refused to identify the developer but when Senate Majority Leader Vicente “Tito” Sotto III urged him to name the developer, he acceded.

“Isang napakagaling na developer at hinahangaan kong developer, SMDC ang nag-announce niyan,” said Villar.

This information, Villar said, was his contribution to the ongoing discussion on the issue.