Century Properties Group Inc. has partnered with Japanese trading company Mitsubishi Corp. for an affordable housing project that caters to first time home buyers.
“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. As its initial foray, the company has secured a 26-hectare property in Tanza, Cavite to develop around 4,000 homes,” the company said.
“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,” it said.
“We are currently pursuing more fervently new projects in the first homebuyer market. We will proceed with the same amount of prudence, opportunism, and progressive mentality that we have always employed.
We will deliver projects that are expected to offer reliable returns in reasonable payback periods,” said Jose EB Antonio, Century Properties chairman.
Takuya Kuga, Mitsubishi division chief operations officer for real estate business, said the partnership follows Mitsubish’s partnership with Century Properties in Forbes Media Tower.
In 2015, Century Properties’ wholly-owned subsidiary, Century City Development II Corp., Mitsubishi signed a joint venture partnership to develop, lease out, and maintain the world’s first Forbes-branded commercial building.
Source: Malaya | November 25, 2016