CENTURY Properties Group Inc. (CPG) on Monday said it has signed a P1-billion loan facility with BDO Unibank Inc. for the developmental funding and end-user financing for the company’s economic residential brand.
Under the agreement, PHirst Park Homes, the company’s residential brand, through its companies Tanza Properties I, II, III Inc., has secured the term loan from BDO for the land development and construction of the Tanza project in Cavite.
The said project is a 26-hectare horizontal community accessible via Governor’s Drive, Cavite, with a total of 2,877 units. Launched in the second quarter of 2017, the property has commenced with land development for its first phase, which will initially have 950 units.
Target completion for the land development of the first phase is on the third quarter of 2018.
The PHirst Park Homes-BDO partnership will also benefit buyers as its end-user financing will offer flexible home-loan terms, the company said.
“Following CPG’s tradition of quality and innovation, PHirst Park Homes is building a premium community in Tanza while elevating the standards of the first-home market category at competitive price points. We are proud of this partnership with BDO Unibank, as it makes our homes more accessible to first-time home buyers but also attainable for them with flexible loan terms,” PHirst Park Homes President Ricky Celis said.
Construction of the first 878 homes will begin in the first quarter of 2018, to be turned over in the third quarter of the same year. Construction of the remaining 72 units is set to start by the second quarter of 2018, to be turned over before the year-end.
As of September reservation sales for the first phase have reached 91 percent, valued at approximately P1.2 billion.
The launch of CPG’s first home segment, a partnership with Japan’s Mitsubishi Corp., expands the company’s portfolio of residential offerings, from luxury and mid-priced condominiums in the business districts and city centres to first homes in horizontal communities within key growth areas outside Metro Manila.
Source: Businessmirror | November 6, 2017