MANILA, Philippines — Listed real estate developer Century Properties Group Inc. has partnered with the global business enterprise Mitsubishi Corporation to jump-start its foray into affordable housing segment.

The company has secured a 26-hectare property in Tanza, Cavite to develop around 4,000 homes geared toward first time homebuyers.

“We are currently pursuing more fervently new projects in the first homebuyer market,” said Century Properties chairman and chief executive officer Jose E.B. Antonio, noting these initiatives could drive the company towards long-term growth and profitability.

In line with its Century 2020 blueprint, Century is proceeding with its diversification into affordable housing to tap the first homebuyer market in high growth areas in the peripheries of Metro Manila.

“In our 30-year history, we pride ourselves for our contributions to Manila’s landscape, having built high-quality iconic projects that cater to the luxury, middle income, and affordable market segments,” added Antonio.

Takuya Kuga, Mitsubishi Corporation’s Division chief operating officer (COO) of Real Estate Business, noted that the housing supply for the rising middle class in the Philippines is inadequate to meet the huge demand.

“We, Mitsubishi, wish not only to catch this big business opportunity but also to contribute to improvement of living environment in the Philippines together with Century Properties,” he said.

Last year, Century Properties identified affordable housing as one of the two allied real estate segments together with tourism for its business expansion.

The move seeks to address the strong demand in the affordable segment, which, per statistics, has a significant share in the housing backlog of 5.56 million for 2016.

In 2015, Century Properties’ wholly-owned subsidiary, Century City Development II Corporation, and Mitsubishi Corp. also signed a joint venture partnership to develop, lease out, and maintain the world’s first Forbes-branded commercial building.

Source: Interaksyon | November 25, 2016