Century Properties sells 95% of housing units in 6 projects mostly to OFWs
MANILA, Philippines–Property developer Century Properties Group Inc. has sold 95 percent of inventory in six residential buildings that are scheduled for completion in 2015 on the back of strong demand from the overseas Filipino market.
In a press statement on Thursday, CPG said the six projects had a total of 3,000 units offered for pre-selling with over P15 billion in sales value.
CPG director for investor relations Kristina Garcia attributed the strong sales to underlying demand for mid-market and affordable housing from overseas Filipino workers (OFWs).
“We continue to give importance to the largely underserved overseas market with its strong demand and the strength of OFW remittances. This market is 11 million strong and spread across all continents. They are profiled as prudent spenders of their hard-earned income and are mostly end users,” Garcia said.
“Our marketing strategy was validated by recent reports, which showed that the Philippines still has a serious shortage of housing units with a backlog of almost four million units for affordable housing alone,” Garcia said.
Reservation sales came from CPG’s affordable to mid-market projects, such as the Positano and Miami towers of the Azure Urban Residences in Parañaque City, Niagara and Sutherland towers of Acqua Private Residences in Mandaluyong City, and Osmeña West tower of the Residences at Commonwealth in Quezon City. The company also cited sales from the luxury development Milano Residences at Century City, Makati.
CPG has established over 70 international offices and selling partners throughout three continents, making it one of the first real estate firms to cater to Filipinos overseas.
Locally, CPG is also upbeat on the Philippines’ growing population and the increasing number of young income earners as key drivers of the demand for affordable homes. High net worth individuals and foreign expatriates, on the other hand, are seen to sustain demand for luxury properties.
As CPG ventures into commercial leasing, the company will continue to boost its residential portfolio of innovative projects that cater to global Filipinos and foreigners, according to Garcia.
CPG aims to complete a total of 31 buildings from the period of 2012–the year that the company listed on the local stock exchange using backdoor entry–up to 2019.
“Century Properties maintains a healthy and positive outlook for Philippine real estate in 2015. With six projects scheduled for completion and more in the pipeline for residential, commercial and office, for us at Century it will truly be a very busy year,” Garcia said.