Robinsons Land creates RFO unit

MANILA, Philippines - Robinsons Land Corp. (RLC) of the Gokongwei family is launching its fourth residential brand offering ready-for-occupancy (RFO)and lease-to-own condominium units.

The new spinoff unit, Right Homes, makes RLC the first major property developer to offer lease-to-own units on a large scale, a company executive said.

“Right Homes is about getting the right homes right here, right now. You don’t have wait for a long time to experience living in a home right for you,” RLC senior vice-president Mybelle V. Aragon-GoBio said in a briefing.

“Right Homes has consolidated the choice units from its diverse portfolio which consists of the affordable Robinsons Communities, the mid-range Robinsons Residences and the upscale Robinsons Luxuria,” she said.

Specifically, potential homeowners who don’t have sufficient savings or credit to buy a home can avail of a two-year lease-to-own package.

The tenant can occupy the rented unit after signing a lease/purchase agreement and payment of lease deposits with an option for purchase. Total rental payment will be credited to the sales price or final cost.

“This gives the lessee time to save up while evaluating the property and the neighbors,” GoBio said.

Monthly rent is as low as P12,800 for the P1.5-million units, P28,000 for the P3-million units and P46,000 for the P5-million units.

“There are people who can’t afford to pay for amortization and rent at the same time. But it’s important for them to invest in a place or buy a home where there is a single payment,” GoBio said.

“With basic utilities, these finished units are made available to buyers who immediately require a residence or are looking to invest in an assured development,” she said, adding that it is tapping the underserved market for those looking for finished homes.

Ready-for-occupancy and lease-to-own units are offered for several RLC condominium projects in Quezon City, Bonifacio Global City, Mandaluyong, Tagaytay and Cebu.

“As we complete projects, then we will have inventory for Right Homes,” GoBio said, adding that the company is looking to hold on to other inventory to unlock higher selling value.

Aside from prime locations and flexible payment terms, Right Homes is also offering interior design consultancy services.

RLC is increasing its capital spending by a fifth to P16 billion in its 2014 fiscal year  that will end in September. The increased spending will fasttrack the construction of its malls, office buildings and hotels.