MANILA, Philippines — Century Properties Group Inc. revealed plans to significantly boost its portfolio for the affordable housing market segment following the successful launch of its P4.1-billion Quezon City project called the Residences at Commonwealth.
“Our Commonwealth project is only the first of a series of masterplanned developments that Century plans to roll out in key cities nationwide for this category,” said Century co-chief operating officer Marco R. Antonio.
“We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans,” he said.
For the second quarter of 2012, Century 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.
With the inclusion of Commonwealth in its product offerings, Century’s portfolio consists of 20 percent, 44 percent, 36 percent in the luxury, middle income and affordable markets, respectively.
Recognizing the need to further enhance its development portfolio into the affordable segment, Century is allocating a capital expenditure budget of P7 billion for 2012.
Century debuted in the affordable category last month with the Commonwealth project — an 8-tower mid-rise development with a total of 2,300 units and a sales value of over P10 billion. Reservation sales for the first two towers have been well received after a month since its launch.
“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.
Colliers International reported that demand for housing will be sustained due to a rising population in the Philippines, and the greater pie will comprise “the younger age set.”
With 26 years in the business of real еstatе development, marketing and property management, Century Properties has completed 20 condominium buildings (4,128 units) with a total GFA of 548,262 sqm and is currently managing 51 properties as of December 31, 2011.
Source: Manila Bulletin | September 2, 2012