‘A CITY OF HOMEOWNERS’: SMDC turns over 120 socialized condo units to Iloilo City

By Rjay Zuriaga Castor

The SM Development Corporation (SMDC) took a major step in helping Iloilo City address its housing needs and backlogs by officially turning over its first vertical social housing project on Thursday, October 24.

The PHP 248-million KaUSWAGan Residences, located in Barangay San Isidro, Jaro, offers 120 condominium units to low-salary-grade employees of the Iloilo City government.

The project features two four-story buildings, with each unit spanning 30 square meters. It also provides ample parking and is located just 6.5 kilometers from Iloilo City Hall, offering easy access to the city center.

While each unit is valued at PHP 2 million in the commercial market, beneficiaries can acquire the homes for only PHP 450,000 through Pag-IBIG Fund’s Affordable Housing Program.

“This project underscores SMDC’s commitment to supporting the government’s socialized housing program,” said Jeffrey C. Lim, president of SM Prime Holdings Inc. (SMPHI), the parent company of SMDC.

“We are proud to deliver high-quality homes for Filipino workers and contribute to building thriving communities,” he added.

Iloilo City Mayor Jerry Treñas emphasized that the rise of the KaUSWAGan Residences marks a milestone for the city’s housing sector.

“This project stands as our shared history and pride as the very first socialized vertical development in Iloilo City. Looking back, I personally could not believe that we began working on this project in the middle of a pandemic,” he said.

The KaUSWAGan Residences is the only housing project in Iloilo City approved by the Department of Human Settlements and Urban Development (DHSUD) to utilize escrow funds, with additional funding provided by SMDC as part of its socialized housing compliance.

In 2022, the Iloilo City Local Housing Office began selecting beneficiaries for the housing units.

Eligible employees include those under Salary Grade 8 and below, with at least five years of service as regular employees by Dec. 31, 2021 (including job hires) and who do not own any real property.

DHSUD data shows that Iloilo City has a housing backlog of more than 30,000 for informal settlers and future housing needs.

To address this, the city government has acquired over 933,940 square meters of land, valued at PHP 362 million, for relocation and housing projects.

Currently, the city has 42 relocation sites that can accommodate approximately 8,579 beneficiary families.