High-rise property developer Century Properties Inc. plans to invest P4.8 billion in a mid-rise residential condominium project in Quezon City, marking its foray into the affordable residential market.
“We will hit multi-product and multi-pricing. Right now, we’re known for upper-end [projects] but we’re going to the affordable mid-rise [developments],” Century Properties chairman and founder Jose Antonio told reporters.
The first affordable housing project will be located at a four-hectare property at the back of Ever Gotesco Mall in Commonwealth, Quezon City. This would be targeted for launching this December, Antonio said.
In general, the affordable housing units in mid-rise buildings to be developed by Century Properties, Antonio said, would be sold for P1.5 million but no more than P3 million.
“If you buy P1.5 million to P2 million worth of units, monthly amortization is about P12,000, so it’s very affordable,” he said.
The mid-rise buildings in sub-urban locations, Antonio said, would have less than 10 stories.
Antonio said the group was considering to acquire more land for affordable residential community.
By going down-market, the group seeks to capture a broader segment of the market. While Century Properties has focused on the A, B and upper C market, Antonio said the potential to tap the market below this was “limitless.”
Century Properties is listing on the Philippine Stock Exchange through dormant East Asia Power Resources Corp., which obtained shareholders’ approval Monday last week to change its name to Century Properties Group Inc. (CPG) alongside a quasi-organization framework to wipe out the deficit and allow the infusion of Antonio’s business into the company.—Doris C. Dumlao