Century Properties enters first-home market segment
MANILA, Philippines – Upscale real estate developer Century Properties Group Incorporated is opening its doors to first-time homebuyers by pouring P2 billion into its maiden affordable housing project in Cavite.
Century Properties, owned by the family of businessman Jose EB Antonio, partnered with Mitsubishi Corporation 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.
"The launch of this new segment effectively expands the company's portfolio of residential offerings, from luxury and mid-priced condominiums in the business districts and city centers to competitively-priced first homes within boom towns outside of Metro Manila," Marco Antonio, chief operating officer and managing director for the company's first home unit, said in a disclosure to the local bourse.
Century Properties said it will unveil its brand name for this segment as well as its product offerings in the 2nd quarter of 2017. (READ: Shares in Century Properties rally after Trump win)
"[This is] while maintaining Century Properties' tradition of quality, innovation, and unique customer experience across all market segments," Antonio added.
Antonio also said this new product line will cater to the underserved end-user market of first-time homebuyers, who are still familiarizing themselves with purchasing property but are already planning to move out of rented apartments or their parents' houses in their search for a legacy home for their young families.
"As this is their first experience to acquire a home, we will simplify the process and make each step convenient for them," he said.
Homes under this product line will have a starting price of P1.1 million and a monthly amortization of around P9,000.
Century Properties said it has identified the first homebuyer market as one of the two allied real estate segments for its business expansion, with the other being leisure and tourism.
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, business process outsourcing industry growth, and the shift toward smaller households due to rising incomes.
The updated housing needs from the Housing and Urban Development Coordinating Council (HUDCC) are now estimated at 5.56 million units for 2011 to 2016, including backlogs from previous years.
In terms of locations, Century Properties' first home unit has identified the growth areas of Calabarzon and Central Luzon, where an estimated 33% of overseas Filipino workers come from.
In October last year, President Rodrigo Duterte named Century Properties chairman and CEO Jose EB Antonio as special envoy to the US.
The share price of Century Properties, which also holds the license to build Trump Tower in Manila, on Monday, February 27, closed higher by 1.96% to P0.52 per share. – Rappler.com