HLURB rules property developer's ads

LOCAL developers believe that the ruling on real estate advertisements promulgated by the Housing and Land Use Regulatory Board will further support the growth of the industry.

In separate interviews with Grand Land Inc. vice president for sales and marketing Khristina Pestaño and Contempo Property Holdings Inc. president and chief executive officer Beverly Dayanan, both officials said the implementation of HLURB Resolution 921 will help professionalize the real estate business and differentiate legitimate projects from fraudulent ones.

For Grand Land’s projects, Pestaño said they have already made the necessary amendments to their advertisements. The developer’s projects include Grand Residences in Banilad in Cebu City, Amani Grand Mactan in Lapu-Lapu City, and City Homes Mactan, Mandaue, and Minglanilla.

“We have already instructed our advertising agency for that,” Pestaño said, referring to their advertising materials.

Under the new ruling, which took effect on Feb. 14, advertisements containing “exaggerated and misleading” statements are prohibited.

Advertisements referred to in the guidelines cover print, broadcast, electronic and out-of-home ads like billboards, banners, tarpaulins, transit ads, and digital displays.

The resolution states that all real estate ads should specify the name of the developer, the exact location of the project, its license to sell (LS) number, the advertisement’s approval number, and the approved completion date as indicated in the LS. For economic and socialized housing projects, a maximum selling price shall also be stated in the ads.

In addition, pictures and illustrations should be properly captioned and the ad should state whether these are actual photographs, an architect’s perspective or an artist’s illustration. The project’s location and distance in relation to a known place or landmark should be expressed in kilometers.

In the case of print ads, the resolution states that the LS number must be of the same font type and size and resolution as the advertisers’ contact number.

As of the first week of May, HLURB 7 has already received and evaluated 132 projects. Of the figure, 78 were condominium projects and 54 were subdivisions.

HLURB is looking to evaluate 400 real estate project advertisements within the year.

Both officials said the cost of modifying their advertisements is minimal since they only have to add a few more details to it.

“Our ads follow what is required. It’s just that we have to add some information to it,” Dayanan said whose company is behind the three-tower condominium project, Bamboo Bay, in Mandaue City.

Previously, Subdivision and Housing Developers Association Central Visayas president Alexander Ace Sotto said the organization has not received opposing views to the new advertisement ruling.

According to HLURB, the new advertisement guideline is also applicable to commercial, farmlot, and industrial subdivisions, cemeteries, memorial parks, and columbaria.
Source: Sunstar.com