Century Properties to launch P2.8-billion Batangas project
CENTURY Properties Group, Inc. (CPG) is set to launch its second affordable housing project, where it expects to generate P2.8 billion in sales over the next three to five years.
The Antonio-led property developer said it will unveil Phirst Park Homes Lipa in Batangas by the second half of this year. The 20-hectare property offering around 1,800 units will be developed in three phases, with the first phase to include about half of the total housing units.
CPG is targeting first home buyers for the project, specifically those with a household income of around P30,000 to P60,000 monthly.
Eighty percent of the total housing units will be townhouses, in order to cater to the more affordable segment. Amortization can go for as low as P9,000 monthly for a 40- square meter townhouse.
Amenities will include a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds. The playground will feature spaces for traditional Filipino games such as piko, patintero, taguan, tumbang preso, and holen. This is in keeping with CPG’s concept of a home-in-a-park experience for Phirst Park Homes Lipa.
The community will also have an outdoor gym, basketball court, bike lane, hiking area, and jogging path.
So far, the company has already built a welcome pavilion for residents. CPG President for the Affordable Housing Segment Ricky M. Celis said the company is now bidding out the land development contract for the project.
“Within the year we expect to have substantial land development already. By first quarter of next year is when we’ll see house construction to start,” Mr. Celis told reporters on the sidelines of the project’s launch in Batangas .
For the house construction, Mr. Celis said the company is looking at tapping listed engineering firm Megawide Construction Corp.
The Lipa development is CPG’s second affordable housing project to-date, following Phirst Park Homes Tanza in Tanza Cavite. Mr. Celis said they have so far seen strong demand for the product.
“( Sales are) very good. As of May actually we already sold out phase one. Now we’re going 20% into phase two. So that’s actually two years ahead of schedule,” he said.
CPG’s entry into the affordable housing segment is part of its plan to have a diversified source of income in the following years. To further grow the unit, the company is partnering with Japan’s Mitsubishi Corp. for the incorporation of Phirst Park Homes, Inc. (PPHI).
PPHI is set to have an authorized capital stock of P5 billion. Under the 60-40 joint venture, CPG and Mitsubishi will be spending P10 billion over the next five years for the launch of 15 projects. These projects are slated to bring in P57 billion in sales for PPHI.
The joint venture company’s incorporation is now pending approval from the Philippine Competition Commission ( PCC).
“If it goes according to PCC’s timeline, we expect approval by August na,” Mr. Celis said.
Once CPG and Mitsubishi secure clearance for the joint venture, Mr. Celis said the Phirst Park Homes brand will now be owned by the partners.