[Blueboard] Update on the Faculty Housing Project

Treasurer's Office ovpft at admu.edu.ph
Wed Jan 11 14:44:33 PHT 2006

January 9, 2006


MEMO TO:  The University Community


FROM       :  Vice President for Finance and Treasurer


SUBJECT :   Update on the Faculty Housing Project



We are pleased to inform you that to date, there are already 91 residents at our Faculty Housing Project in Nangka, Marikina.  Breakdown of this by school-unit follows:


Loyola Schools                        38

          High School                          17
Grade School                          21

Professional Schools (Makati)   5

Central Adm./Auxiliaries          10 

                              Total                           91 


We would like to remind those who have approved applications to fast track their loan applications because beginning April 1, 2006, the new price of our lot will be increased to P3,800/square meter.  Only those with approved bank loans by March 31, 2006 will not be subjected to this new price.


For the information of everyone, the new prices of our housing units are as follows:

Bare One-storey unit  -  P  559,345

Bare Two-storey unit -  P1,103,180

Further, we have negotiated with our banks to keep their interest rates in the following levels:


                        If interest rate is fixed for 3 years - 11.0% p.a.

                        If interest rate is fixed for 5 years - 11.5% p.a.


                        Interest rate is fixed for 3 years - 11.9% p.a.


We encourage the newly qualified faculty members and other employees to apply now to avail of the present arrangement where we have a construction manager who oversees the construction of the houses.  We need to have at least ten houses to be constructed simultaneously to justify the construction manager's involvement in the project, otherwise it would be too costly for the University to maintain this benefit.  Likewise, under our present arrangement with SLI, they need at least ten units per construction batch to maintain the current prices of houses. 


For the coming fiscal year, we will only approve thirty more housing units, so if you are interested, please act now.


Thank you.







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