Century Properties Group Inc. and partner Mitsubishi Corp. of Japan are investing P2 billion to build close to 3,000 homes in Tanza, Cavite, marking the real estate company’s venture into the “first home” segment.
Century Properties said in a disclosure to the stock exchange the foray into the first homebuyer market was in line with the company’s thrust to expand its real estate portfolio which currently includes high-end and mid-rise residential developments.
Century Properties chief operating officer Marco Antonio said the new product would be launched in the second quarter of 2017, with each unit having a starting price of P1.1 million and a monthly amortization of P9,000.
“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,” Antonio said.
The new residential project will primarily to the underserved end-user market of first-time homebuyers, who are still familiarizing themselves in purchasing property but are already planning to move out of rented apartments or their parents’ houses in search for a legacy home for their young families, Antonio said.