Century Properties Group, Inc., which is locally known for its luxury and mid-priced condominiums in the metropolitan, is looking to pursue first-time homebuyers with its new brand PHirst Park Homes.
“It is a premium brand within the affordable housing category that celebrates the very important milestone of first time home ownership. More importantly, it espouses pride of ownership,” Century Properties Chief Operating Officer and Managing Director Marco R. Antonio said in a press statement.
The PHirst Park Homes is the real estate developer’s first venture into the affordable housing market that caters the masses, in partnership with Japanese conglomerate Mitsubishi Corporation.
Century Properties has identified the first homebuyer market as one of the two allied real estate segments for its business expansion, with two others are leisure and tourism. The strategic 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, BPO industry growth and shift towards smaller households due to rising incomes.
The updated housing needs from the Housing and Urban Development Council (HUDCC) are now estimated at 5.56 million units for 2011 to 2016, including backlogs from previous years.
PHirst Park Homes is widely expected to launch a number of housing communities, starting with a 26-hectare community in Tanza, Cavite in the second quarter of the 2017. Tanza is a first-class municipality with industrial and key commercial establishments, and is situated near the Cavite Export Processing Zone.
“PHirst Park Homes raises the bar of what affordable housing is and should be in the Philippines. We are pushing the envelope to make beautiful, well-designed homes attainable to a wider market — legacy homes that the next generation will enjoy,” said Century Properties COO and Managing Director Marco Antonio.
The launch of Century Properties’ first village home segment effectively stretch the firm’s portfolio of residential offerings, from luxury and mid-tier condos in the busiest business districts and city centers in Metro Manila, to first homes in P2 billion horizontal communities within key growth areas outside National Capital Region (NCR).
Earlier this year, Century Properties said that the new affordable legacy housing brand will offer homes with a starting price tag of P1.1 million, which converts to a monthly amortization of around P9,000.