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Developer gets P1B loan

Century Properties Group Inc. said  first-home division unit PHirst Park Homes has raised P1 billion in new funding though a term loan facility from BDO Unibank Inc.

PHirst Park Homes is a joint venture between Century Properties and Mitsubishi Corp.

Century Properties said the facility will be used for PHirst Park Homes’  PHirst Park Homes Tanza project—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.

“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,” said Ricky Celis, PHirst Park Homes president.

“This is still in line with BDO’s commitment to support significant undertakings benefiting the greater population.  As such, this funding agreement will further boost the supply of housing units in the country and fulfil every family’s dream of having their own home,” said Walter Wassmer, BDO head of institutional banking.

Construction of the first 878 homes will begin in the first quarter of 2018. The units will 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. These units will be turned over before the year-end.

As of September 2017, reservation sales for the first phase have reached 91 percent valued at approximately P1.2 billion.

Source: Malaya | November 7, 2017


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