THE UST Faculty Union (USTFU) has entered into a joint venture with Ayala Land, Inc. and the Manila Jockey Club to develop a housing project for the Thomasian community.

According to USTFU president Dr. Gil Gamilla, the union first proposed the housing project in 1996. But since the University had been dealing with the defunct Faculty Association of the University of Santo Tomas and not the USTFU, the Union decided to ask help from outside entities to realize the project.

The cheapest unit cost P1 million (studio type), while the most expensive, P2.7 million (two bedrooms with loft). The acropolis-type buildings will be built by Ayala Land, Inc. near the SM San Lazaro mall along A.H. Lacson St.

Gamilla said the project will not only be offered to USTFU members, but also to non-academic personnel, academic officials, hospital workers and personnel and their relatives.

A 3 per cent discount will be given to a UST personnel who would purchase a unit. The buyer must be able to complete the P200,000 downpayment for the cheapest unit in two years, then start paying the amortization. Payment, according to Garcia, will be through post-dated checks.

The balance, however, is subject to a 10.75 per cent repricing. The figure, according to Garcia, is cheaper than what the Pag-ibig Fund offers, which is 14 per cent. The balance is payable in five, 10, or 15 years, depending on the buyers’ earning capacity and the number of years he has to serve the University.

In a memo, Gamilla has instructed Macroville Realty, a real estate company assigned by Ayala Land, to prequalify the applicants based on the requirements of the financing institution.

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The buildings are expected to be finished in two years.

Gamilla said the union is seeking other housing projects.

“We are eyeing a bigger (housing project), Gamilla said.” “We want to build our own condominium, but we will be needing the (financial) help of the University.” April Dawn Jennifer C. Adriatico

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