Century Properties sets next phase of P2.8-B Lipa project

CENTURY Properties Group, Inc. (CPG) plans to launch the second phase of its P2.8-billion housing project in Lipa, Batangas ahead of schedule, following the brisk takeup of the first set of units in the affordable development.

CPG President for the Affordable Housing Unit Ricky M. Celis said they have sold around 650 units out of the 900 units included in the first phase of Phirst Park Homes Lipa. The 20-hectare property will offer a total of 1,800 units, and will be developed in three phases.

“We launched officially in June, and we opened the first 900 out of the 1,800. We’re practically 70% sold out of those first 900,” Mr. Celis said in a press conference before the launch of its partnership with Japanese firm Mitsubishi Corp. for affordable housing projects.

With this, Mr. Celis said they look to launch the second phase “very soon.”

“In fact we’re now filing for our phase 2 license to sell. That’s two years ahead of schedule. So we’re happy that the market is responding quite well,” Mr. Celis said.

The company targets first home buyers with a monthly household income of P30,000 to P60,000 for the project, with amortization offered as low as P9,000 per month for a 40-square meter townhouse.

Amenities in the development include a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds that depict traditional Filipino games such as piko, patintero, taguan, tumbang preso, and holen.

Phirst Park Homes Lipa will likewise feature an outdoor gym, basketball court, bike lane, hiking area, and jogging path.

The Lipa development is CPG’s second affordable housing project after Phirst Park Homes Tanza in Tanza, Cavite. The Cavite project is being developed in partnership with Mitsubishi Corp., offering a total of 2,877 homes in a 26-hectare community.

CPG reported that it has already sold out the first phase of the Tanza project consisting of 1,200 units, bringing in sales of around P1.4 billion. The company will complete about 600 units of townhouses and single-attached models by year end.

The company’s foray into the affordable housing sector forms part of its plan to address the 6.6-million housing backlog in the country, which is further expected to grow to 12 million by 2030.

CPG formally unveiled last week its partnership with Mitsubishi Corp., which will further deepen its investments in the affordable housing market through Phirst Park Homes, Inc. The newly-incorporated firm will be investing P28 billion in the following years to develop 15 master-planned communities.

Mr. Celis noted that they are currently building up their scale, as they plan to enter the Visayas and Mindanao markets in the medium term. For now, the company’s focus is in Luzon, particularly in Cavite, Laguna, Batangas, Bulacan, and Pampanga.

CPG generated a P490-million profit in the first half of 2018, as revenues jumped 40% to P4.7 billion for the period.