Fresh from the very successful launch of its P4.1 billion project along Commonwealth Ave., Century Properties Group Inc. (CPG) is looking at key cities nationwide as future sites for residential projects catering to the affordable segment of the market.
Century intends to increase its affordable housing portfolio from 41 percent to 46 percent of the group’s total projects due to brisk sales of The Residences at Commonwealth, the group’s maiden offering for this segment.
“Our Commonwealth project is only the first of a series of master-planned developments that Century plans to roll out in key cities nationwide for this category. We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans,” said Century co-chief operating officer Marco R. Antonio.
The Residences at Commonwealth is an eight-tower mid-rise development offering a total of 2,300 units valued at more than P10 billion.
“Sales have been brisk with Century almost fully pre-selling two towers since its launch a month ago. Proof positive that Commonwealth by Century has been tremendously well embraced by the public for its affordability and lifestyle offering,” Antonio said.
“The market is hungry for unique products with intrinsic value, and attainable monthly amortizations stretched over a two-year to five-year period,” Antonio added.
Century, which is generally known for its upscale residential projects, has aggressively diversified its portfolio with the middle-income and affordable segments accounting for majority of the group’s projects.
Units geared towards the high-end market are priced over P7 million while middle-income units sell for P3.5 million to P7 million. Projects catering to the affordable segment are priced at P1.2 million and P3.5 million each unit.
Century remains upbeat on the property sector given continuous low interest rates and financing schemes, and the changing market profile from a “nation of renters to owners.”
Property consultancy firm CBRE said demand for condominium properties is gaining traction as people prefer to “keep pace with urban living within a live, play, work environment.”
Colliers International reported that there will be steady demand for housing due to a rising population in the Philippines.
Century had a strong first half this year with profits expanding by 91 percent to P944 million. Total revenues grew more than two-fold to P4.9 billion as pre-sales increased by 18 percent to P10.7 billion or already 54 percent of the company’s full year target of P20 billion.
The company has over 4,400 unlaunched units and an additional 1.966 square meter landbank.
With 26 years in the business, Century has turned over 20 condominium buildings equivalent to 4,128 units with a total GFA of 548,262 sqm. It is currently managing 51 properties.
Source: Philippine Star | September 3, 2012