Property developer Century Properties Group Inc. (CPG) has signed up construction and engineering firm Megawide Construction Corp. to build its affordable housing project in Tanza, Cavite.
Under the agreement, CPG’s affordable housing arm PHirst Park Homes through its company Tanza Properties Inc.awarded a contract to Megawide for the application of its precast concrete panel building systems to build 2,830 housing units.
Megawide’s precast construction system is seen to allow faster construction, easy standardization, cost-effectiveness, high-quality finish and enhanced facade design.
“PHirst Park Homes works only with the best in the industry to deliver quality housing to first-time homebuyers. We are confident of Megawide’s experience and leadership in modern precast technology and their expertise will only ensure that our PHirst homes in Tanza are delivered complete and on-schedule,” PHirst Park Homes president Ricky Celis said in a press statement on Wednesday.
“We are extremely proud of our precast technology. This memorandum of agreement with PHirst Park Homes is our seal of assurance to buyers in terms of quality and timely delivery,” said Megawide president Edgar Saavedra.
PHirst Park Homes Tanza is a 26-hectare horizontal community with a total of 2,877 units. Launched in the second quarter of 2017, the property has started land development for its first phase, which will have 950 units. Mitsubishi is CPG’s partner in this project.
Target completion for the land development of the first phase is third quarter of 2018.
Construction of the first 878 homes will begin in the first quarter of 2018 and targeted to 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, for turnover before the yearend.
As of August 2017, CPG reported that reservation sales for the first phase of this project has reached 91 percent valued at around P1.2 billion. This was attribute to pent-up demand from Filipino end-users for quality housing in the price range of P1 to P3 million. Buyers from the CALABARZON area (Cavite, Laguna, Batangas, Rizal and Quezon) accounted for nearly 60 percent of reservation sales, followed by Filipinos working overseas.
Monthly amortization for housing units at this project starts at P9,000 for a 40-square-meter home.