Century Properties enters low-cost first-home market
Century Properties Group Inc. is introducing lower priced housing units outside Metro Manila, marking its entry into the firsthome market category.
The company would unveil the brand name and product offerings in the second quarter of the year, said Marco Antonio, chief operating officer and managing director of the company’s first-home segment.
“The launch of this new segment effectively expands the company’s portfolio of residential offerings, from luxury and midpriced condominiums in the business districts and city centers to competitively-priced first homes within boom towns outside of Metro Manila, while maintaining Century’s tradition of quality, innovation, and unique customer experience across all market segments,” Antonio said.
“Century’s first home unit democratizes home ownership and makes it available to a wider set of Filipinos who aspire for an enhanced quality of life. As this is their first experience to acquire a home, we will simplify the process and make each step convenient for them,” he added.
CPG will offer the homes at a starting price of P1.1 million and a monthly amortization of approximately P 9,000 a month.
“This unbeatable value at this price point will make first home buyers proud to own and live in a Century home,” Antonio said.
The introduction of the new segment comes after CPG sealed a partnership with global business enterprise Mitsubishi Corp. in November 2016 to develop a series of housing projects, starting off with approximately 2,877 homes in a 26-hectare community in Tanza, Cavite.
CPG said the first homebuyer market is one of the two allied real estate segments for its business expansion, with the other being leisure and tourism.
Antonio said the move seeks to address the strong housing demand in the segment of the expanding middle class, which is highly driven by the surge of remittances from overseas Filipinos, BPO industry growth and shift toward smaller households due to rising incomes.
According to the Housing and Urban Development Council, the country’s housing needs are now estimated at 5.56 million units for 2011 to 2016, including backlogs from previous years.
CPG is looking at the growth areas of CALABARZON and Central Luzon, where an estimated 33 percent of overseas Filipino employees come from to set up its first home units.
CALABARZON represents the provinces of Cavite, Laguna, Batangas, Rizal and Quezon.