Century Properties to build mid-rise condo

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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

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  • http://pulse.yahoo.com/_ZWTTKJTI57YO7TZBJC66GA2OLU dennis

    Dapat naman talaga eh Mid-rise condo lang ang ipagawa sa Pilipinas because we are in the “Pacific Ring of Fire”…People who are living outside the country knows it well that the dangers behind the High rise in a country with calamities like Earthquakes,Typhoon etc can cause structural damage in a unit or building.Hindi tanga ang mga nasa abroad para bumili ng isang unit kung High-rise yan coz unang tanong pa lang,”High rise ba or Mid-rise?”Ngayon,kung bibilhin ng taga abroad yan at pauupahan lang,di kaagad matitirahan,talo na kaagad.Sa halip na pataasin nyo ang building eh ibawi nyo na lang sa excellent Amenities.Always remember that Pinoys from abroad ALWAYS HEAR NEWS from media.They are scare to live in a High-rise Building.

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