Century Properties Group Inc. expects to generate P10.6 billion in revenues from affordable housing and tourism-related projects, a top executive said Thursday.
Century Properties chairman Jose Antonio said in an interview following the company’s annual stockholders meeting that the expansion into affordable housing would help drive faster earnings growth.
Antonio said the construction of affordable housing units would require shorter time than residential towers and projects. This means that the company would book revenues faster, he said.
“The big picture for housing in the Philippines is a very big gap between demand and supply,” said Antonio, who also serves as the Philippines’ special envoy to the US.
Antonio said by 2020, the company would offer 20,000 units annually at a price of P1.1 million to P1.8 million pesos for an average of 45-square-meter house and lot. The company initially launched a 3,000 affordable housing development in Tanza, Cavite, in partnership with Japan’s Mitsubishi Corp.
