By Yolanda Sotelo

BAYAMBANG– The local government of this central Pangasinan town, and the Pag-ibig Fund held groundbreaking rites on Monday morning, for LGU Ville Subdivision in Sancagulis village, a socialized housing project for municipal employees.

The project is the first venture of the Bayambang local government as a developer under the special business enterprise program of the government, Mayor Cesar Quiambao said.

The LGU Ville will occupy a 3.7 hectare property in the village, and can accommodate 255 houses with three classifications – row, single attached and single detached.

Quiambao said while the priority buyers are the municipal employees, it will also be open to other residents who are members of Pag-Ibig Fund.

The houses are sold lower than the valuation of Pag-ibig, but the local government expects to earn P58 million from the venture in two years, when all the houses are sold.

He said row houses are sold at P1.2 million; single attached at P1.9 million and single detached at P2.5 million.

The length of payment would depend of the age of the buyers, with the younger buyers to pay longer.

Pag-Ibig Vice President for Business Development Officer Fermin Sta. Teresa Jr. said the loans will have a fixed interest rate of 5.5 percent annually.

The subdivision for employees is beside the free housing units for selected members of 4Ps from the town.