In view of the changing demographic of house buyers in the Philippines, property developer Century Properties Group has made its first foray into the “affordable” real еstatе market with the launch of a new residential development in Quezon City.

The country is changing from a nation of renters to a nation of owners, says real еstatе services and advisory firm CBRE Philippines. And according to Colliers International, the housing demand will be sustained in large part by “the younger age set.”

This is the segment that Century is targeting with its entries in the affordable housing market, including the P4.1-billion development the Residences at Commonwealth.

The eight-tower, 2,300-unit, mid-rise development was launched in Quezon City last month and has a sales value of over P10 billion.

It is the first in a series of residential developments that the company is planning to roll out in key cities nationwide as part of its medium-term plan to boost its portfolio in that particular market segment.

“We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans,” said co-chief operating officer Marco R. Antonio.

For the second quarter of 2012, Century generated P5.4 billion in pre-sales, of which only 19 percent came from the luxury market. The middle-income and affordable markets each contributed around 40 percent of the total.

Source: GMA News | September 2, 2012