Antonio family-led Century Properties Group (CPG) plans to launch a new housing line that pitches affordable housing units outside Metro Manila priced starting at P1.1 million to first-time homebuyers such as start-up families.
The maiden offering for this “first home” market segment for CPG will be a P2-billion housing project in Tanza, Cavite which will offer 2,877 homes in a 26-hectare community, CPG disclosed to the Philippine Stock Exchange on Monday.
“The launch of this new segment effectively expands the company’s portfolio of residential offerings, from luxury and mid-priced condominiums in the business districts and city centers to competitively-priced first homes within boom towns outside of Metro Manila, while maintaining Century’s tradition of quality, innovation, and unique customer experience across all market segments,” said CPG chief operating officer Marco Antonio, who is also managing director for the company’s first home unit.
The brand name and product offerings for this “first home” market category will be unveiled in the second quarter of 2017, the disclosure said.
The announcement comes after CPG finalized its partnership with global business enterprise Mitsubishi Corp. to develop a series of housing projects, starting off with the 26-hectare community in Tanza, Cavite.
Antonio added that this new product line would cater to the “underserved” end-user market of first-time homebuyers, who were still familiarizing themselves in purchasing property but were already planning to move out of rented apartments or their parents’ houses in their search for a home for their young families.
“This new division of Century answers the dreams, needs and aspirations of first-time homebuyers through a complete housing package that go beyond the essential propositions of a good location, convenience and attainable price points,” Antonio said.
“Century’s first home unit democratizes home ownership and makes it available to a wider set of Filipinos who aspire for an enhanced quality of life. As this is their first experience to acquire a home, we will simplify the process and make each step convenient for them,” he said.
At a starting price of P1.1 million, the housing units are affordable to those who can pay a monthly amortization of around P9,000. “This unbeatable value at this price point will make first home buyers proud to own and live in a Century home,” he added.
CPG has identified the first-time homebuyer market as one of the two allied real estate segments for its business expansion, with the other being leisure and tourism. The move seeks to address the strong housing demand in the segment of the expanding middle class, which is highly driven by the surge of remittances from overseas Filipinos, business process outsourcing industry growth and shift towards smaller households due to rising incomes.
Citing data from the Housing and Urban Development Council (HUDCC), the Philippines had an estimated housing backlog of 5.56 million units for 2011 to 2016, including backlogs from previous years.
In terms of locations, CPG’s first home unit aims to gain a foothold in the CALABARZON (Cavite-Laguna-Rizal-Batangas-Quezon) and Central Luzon.
Tanza, a first-class municipality in Cavite, came high in CPG’s list of ideal home locations because of its rapid urban growth and the existence of industrial and key commercial establishments, including its proximity to the Cavite Export Processing Zone.