The Development Bank of the Philippines (DBP) has granted a P130.5-million term loan in favor of CHMI Land, Inc. (CLI) to finance the construction of dormitory buildings and related components in Barangay Inosluban, Lipa City, Batangas.
To be called Kassel Residences Lipa, the project shall consist of seven 3-storey dormitory buildings to be complemented by a one-storey commercial building. The dormitory buildings shall have a total floor area of 8,484 sq.m., and shall be comprised of 35 rooms with five double-deck beds per room. There shall be a total of 2,450 available bedspaces for the entire project. Other amenities include a basketball court and other recreational facilities.
The project aims to uplift the living conditions of numerous workers and students in the area, especially in terms of security and hygiene. The project’s major beneficiaries are approximately 35,000 employees of the nearby Lima Technology Center. The project will also serve the housing needs of students, as well as employees from the nearby economic/ industrial zones including officers and staff of the hotels, resorts, BPOs, hospitals, and malls located within the vicinity.
Employment generation is expected during the construction phase of the project, which shall also generate an average of P23.5-million annual income tax to the government.