Property developer Century Properties Group Inc. has debuted into the “affordable” residential property business by investing P4.1 billion in an eight-tower mid-rise community in Commonwealth, Quezon City.
CPG, erstwhile focused on luxury and middle-income developments, has broadened its market base with the launch of “The Residences at Commonwealth,” which will rise on a 4.4-hectare lot along Commonwealth Avenue right beside Don Antonio Heights in Quezon City.
The Commonwealth project will bring to the property market a total of 2,300 residential units. The project seeks to capture local and overseas buyers, especially young professionals and start-up families working within the P1.5-million to P3-million budget range for a home.
CPG is expecting to generate P10 billion in total sales during the life span of the township project.
“For the first time ever, Century Properties is bringing its vaunted heritage of upscale visionary real estate development to the Commonwealth, Quezon City, area. It will be surpassing the usual standards set for residential projects within this category by introducing pioneering amenities and concepts that will far exceed what the market has been accustomed to,” said Marco R. Antonio, managing director and co-chief operating officer of Century Properties.
Units come in suites and one-bedroom configurations that range from 21 to 49 square meters with an average price of P80,000 a square meter. Bigger two-bedroom units from 64 to 72 square meters worth P5 million and up are also available.
The residential units will offer extended balconies, amenities that encourage outdoor social interaction, a master-planned community with open spaces, greenery and waterscapes as well as round-the-clock safety and security systems.
Designed by the award-winning firm Broadway Malyan with Century’s in-house architecture team, the eight residential towers will be named after the prominent personalities of the Commonwealth period. Osmeña West, the first building, will rise at 11 floors with 200 units and will be delivered in 2015. Succeeding buildings such as the Quezon, Roxas, Osmeña and Quirino towers will rise to as high as 22 stories.
Reservation fee for a unit is P15,000 and monthly amortization is offered for as low as P8,000 a month. The units will be delivered with standard basic finishing, flooring, kitchen and bathroom inclusions.