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Faith and Commitment: How SRDC Got Back on Its Feet
September 14, 2016
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St. Rafael Development Corporation (SRDC) is continuing its mission of building high-quality communities for its clients with upcoming new developments. With new partners sharing the same vision, SRDC is now in a good position to develop more properties and provide affordable housing to the public.

Norberto de Ocampo, current Chief Operating Officer of SRDC said that “it has been a long and difficult road towards working for the redemption of SRDC. We are confident that we are on the right track as we continue to be committed to our partners and clients.”

SRDC is owned by Wyden King, now known as the businessman who runs his businesses centered on Christian values . King was the heir to a booming motel chain. He decided to close down his share after becoming a full-pledged Christian. He transitioned his businesses into ones with ‘God-centered values’, also bringing his employees and changing their corporate culture.

De Ocampo stated the company’s vision saying “We are God’s vessel of blessing by building communities that fulfills His love and abundance to the lives of our clients, partners, and stakeholders”. He added that, “SRDC, as one of Mr. King’s businesses, puts God above else and providing quality service is our means to glorify Him.”

Dealing with Past Woes

SRDC, established in the 1990s, is the developer operating in Negros and Iloilo. Some of the notable developments were Palisades, Providence, Providence Palmetto Town Mansions and Garden Apartments among others.

In 2014, SRDC faced difficulties as poor management resulted in financial losses, stalled development of properties, and failure to deliver to customers, among many others. This left the company in a difficult situation. SRDC was issued a cease and desist order by the Housing and Land Use Regulatory Board (HLURB), leaving many SRDC employees, agents and customers in a highly complicated situation.

Usually, bankrupt companies would close down leaving its customers on their own and without their investment. SRDC however, despite the trying ciscumstance, continued to exist and operate to meet its commitments.

De Ocampo recounted that “day by day, we faced worried and angry homeowners and clients whom we have pledged to provide quality service. This did not dampen our spirits. It instead made us more resolved in delivering what we promised. Also. Mr. King’s faith and Christian values sustained us through these difficult times. Honoring our commitments is our way of serving God so we became more determined in pushing for SRDC’s recovery. The new management responded with complete support enabling us to craft SRDC’s current vision and mission and roadmap to recovery.”

De Ocampo added that “at present, we continue to serve our previous commitments to our homeowners.”

This commitment didn’t end with its customers. SRDC employees were not left in the dark during its troubled times. Though it was unfortunate to be unable to retain most personnel, those retrenched were properly compensated and given assistance. The few who remained were included in the new committed team. The team, under the new management became dedicated to serve its stakeholders and usher SRDC’s way to recovery.

New Partnerships

“SRDC went into a joint partnership agreement with Ferti-Acres Inc. and East Tropics Land Developer Inc., two reputable local developers”, De Ocampo said, “The new management showed its sincerity and commitment to face and settle all its liabilities.

“We started to reach out to brokers, suppliers, banks and buyers to explain and to make them understand the status of the company. We then started refunding payment of some buyers, paid off our liabilities with the banks and gradually settle obligations to suppliers and government agencies. We also started processing transfer of titles for buyers and issued full refunds to customers who preferred not to continue their payments.”

The first of SRDC’s partners, Ferti-Acres Inc., is a diversified and dynamic real estate company established way back in 1974. With its vision of being the premier real estate company with unquestionable integrity and trustworthy structures and services, it provides cost- effective houses with quality, excellence and innovation. Now presided by Steven Brian L. Jison, they were the developers of Silay Centerpoint, Silay Centerville, South Residences, Villa Estefania and Alturra Townhomes.

East Tropics Land Developer Inc. on the other hand, was created by Engr. Romeo J. Ignacio and Maria Melanie T. Fabricante, two trusted names in the industry. Guided by their decades of experience in real estate sales, marketing, and construction, they look forward to a successful joint venture partnership with St. Rafael Development Corporation and Mr. Wyden King.

De Ocampo said, “Aside from having a good track record and workable proposals, we chose the two developers because they share the same goals and values as SRDC. Mr. King wanted SRDC’s partners to have the the same vision, commitment and values.”

Future Developments

Early this year, the HLURB has lifted SRDC’s suspension. Also, new licenses were provided for SRDC’s upcoming projects. This means that SRDC has gained HLURB’s trust. It also means SRDC is allowed to develop and sell property once again.

De Ocampo said that “it is a very welcome development to have re-earned HLURB’s trust. This meant that our efforts were not in vain. We wouldn’t have done it without our committed team who worked very hard in getting SRDC standing again”.

“The only way to go is forward, and SRDC has moved forward from its past, and on its way to recovery. We have learned from the experience and now, SRDC is better and stronger” De Ocampo said.

De Ocampo outlined the upcoming developments saying “we already reactivated contacts with our network of brokers and sellers. We are constructing our model units, have our ready for occupancy (RFO) units, and as well as ongoing rehabilitation of the water system and facilities in Providence-Iloilo. This is in preparation for our launching and selling activities soon. We will start selling Providence-Iloilo and Negros Cluster 1 within this year.”

“Next year, we will start to develop ELM in Iloilo, Palmetto in Bacolod and Clusters 2 to 6 of Providence Negros. The management will also go into land banking for future projects in Iloilo and Bacolod.”

De Ocampo noted that “We are confident that our new partners, Ferti-Acres Inc. and East Tropics Land Developer Inc., will help bring in more stability and quality in our joint developments. SRDC is always and will remain committed in delivering affordable and quality development to its clients, and to care and serve our value conscious clients, partners and stakeholders.” He ended saying “SRDC will build communities where people will experience the love and abundance of God.”

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