Century Properties expanding to affordable housing

MANILA, Philippines — Century Properties Group Inc., the listed real estate developer of the Antonio family, is preparing to expand its footprint into the affordable housing segment following the strong uptick in sales of its affordable housing brand.

PHirst Park Homes Inc. (PPHI) is Century’s foray into the affordable housing brand following its diversification from just a high-end developer.

PPHI will continue to roll out projects in the next four years to address the country’s reported housing backlog of 6.6 million, officials said.

The affordable housing company has already posted total sales value of about P6 billion across its first three projects since May 2017, or equivalent to 3,706 units sold from 4,187 launched units.

PPHI president Ricky Celis said the company is experiencing strong demand for its horizontal developments in Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna.

“This year, PPHI will further expand in the growth areas of north and south Luzon,” he said.

The first and second phases of its 26-hectare, P4.5-billion PHirst Park Homes Tanza is already 100 percent sold, while phase three is currently on pre-selling stage.

Likewise, land development tor Tanza’s first phase is 95 percent complete, while the second phase is already at 87 percent as of end July 2019.

Celis said demand is growing because of the different projects’ strategic location, quality, and affordability.

“These are the primary reasons why we are receiving an overwhelming demand to purchase PHirst Park Homes. We’ve accelerated the pace of our developments especially in the Tanza project, the third and final phase of which is now being offered ahead of schedule,”  Celis said.

He said demand is coming mostly from OFWs, new families and those looking for first homes.

The project offers townhouses and single attached homes.

Developments include the 20-hectare, P2.8 billion PHirst Park Homes Lipa which reported sales of 92 percent for its first phase and a 67-percent completion on land development at present.

Similarly, the 18.5-hectare PHirst Park Homes San Pablo has already booked P2.7 billion with land development currently at 30 percent.

PPHI is a joint-venture partnership of Century Properties and the global business enterprise Mitsubishi Corp.

Its projects are in Tanza (Cavite), Lipa (Batangas) and San Pablo (Laguna).