AMID the increasing demand for housing from the rising population in the Philippines, publicly-listed property developer Century Properties Group Inc. (CPGI) announced that its P7-billion capital expenditure for the rest of 2012 will be spent more on developing projects that can be purchased at an affordable and cheaper price.
Recognizing the need to further enhance its development portfolio into the affordable segment, CPGI is allocating a capital expenditure budget of P7 billion for 2012.
In a statement, CPGI said that it’s business plan for the medium term is to significantly boost its portfolio for the affordable market segment.
“Our Commonwealth [Quezon City] 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,” said CPGI co-Chief Operating Officer Marco Antonio.
In mid-August, CPGI debuted in the affordable category with the launched of its Commonwealth project, an eight-tower mid-rise development with a total of 2,300 units and a sales value of over P10 billion.
“The market is hungry for unique products with intrinsic value, and attainable monthly amortizations stretched over a two-year to five-year period,” Antonio said.
CPGI is also eyeing “the younger age set” market, which belongs to the affordable segment.
Antonio also announced that part of their expansion plans is to develop residential properties outside Metro Manila.
For the second quarter of 2012, CPGI generated P5.4 billion in pre-sales, of which 19 percent, 40 percent and 41 percent came from the luxury, middle income and affordable markets, respectively.
CPGI has completed 20 condominium buildings or 4,128 units with a total gross floor area of 548,262 square meters and is currently managing 51 properties as of the previous year.
Source: Manila Times | September 3, 2012