Water crisis could affect real estate industry in Iloilo City
Outgoing city mayor Jerry Treñas admitted that the water crisis in Iloilo City could discourage national players in the real estate industry to invest here.
Mayor Treñas said that water service is one of the primary concerns of real estate developers. The investors could not afford to put up large housing communities in Iloilo City if there is not enough source of potable water, he said.
The mayor stressed that aside from the power, water is a major factor that real estate developers consider before investing in an area. Even if they could construct affordable housing units the main concern of the buyers is water accessibility.
Treñas said that he will work on this major problem of the city as one of his priority projects in congress. Treñas is set to take oath as congressman of Iloilo City on June 29.
Earlier, Iloilo Business Club (IBC) executive director Leah Lara said that there has been a surge of real estate investors in the region.
She added that land developers would find the city ideal since it has great tax incentives and the local government reaches out to the private sectors.
She also stressed that the local business community enjoys taxation incentives from the city government which real estate developers find very attractive.
But she said that a city with not enough water for its residents could dispel investors confidence in our economic capability.
Currently national real estate players and developers in Iloilo City includes the Avida Land Corp. of Ayala Land, HCBC Land Development Corp., EON Realty & Development Corp. and Philippine Diversified Developers Corp., among others.
Categories: Real Estate Investment, Real Estate News Tags: avida land iloilo
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