AS MORE young adults are becoming interested in owning real estate, state-run Home Mutual Development Fund (HMDF) or Pag-ibig is encouraging property developers to build environment-friendly subdivisions, as millennial potential buyers are interested in living “green.”
“Knowing the house features can help drive home sales. Millennials are picky when it comes to buying houses,” said Rio Teves, Cebu Housing Business Center manager of Pag-ibig Fund.
“Aside from location, they also look into savings they could get while living in that area. The concept of green living and green saving both appeal to them,” he said.
The Pag-ibig official was one of the speakers during the recently held Housing Summit organized by the Organization of Socialized and Economic Housing Developers of the Philippines Inc. (OSHDPI).
Real estate developers who use green technology will have easier access to incentives and loan facilities, Teves said.
For instance, Pag-ibig Fund has an existing loan facility that provides member-borrowers up to P500,000 for the installation of solar panels at home.
“We encourage developers to get into green developments for their future projects because this is the ‘in thing’ now. Millennials take pride in living in subdivisions that protect and preserve the environment,” Teves said.
A green building, also known as green construction or sustainable building, refers to both a structure and the use of processes that are environmentally responsible and resource-efficient throughout the building’s life cycle: design, construction, operation, maintenance, renovation, and demolition.
Teves said that one of the benefits of building or buying an eco-friendly house is the high appraisal value of the unit. He pointed out that Pag-ibig has different loan packages available to buyers and developers.
At present, there are only four housing developments in Cebu registered with Pag-ibig that have adopted green technology in their development, from installing eco-friendly amenities, such as solar energy, to a good waste management system and water treatment facilities. KOC