Century Properties Group Inc. will launch a 20-hectare affordable housing development in Lipa, Batangas province that is expected to raise as much as P2.8 billion in revenues, the property company said in a disclosure to the stock exchange Thursday.
CPG through unit PHirst Park Homes® will launch the Batangas projects, its second affordable housing development after the maiden 26-hectare residences in Tanza, Cavite.
“PHirst Park Homes raised the bar in the category of affordable home ownership by offering more value at very attainable price points. This is what we will make available in Lipa, where we are bringing our Tanza concept but with enhanced offerings,” said PHirst Park Homes president Ricky Celis.
The Batangas project will offer 1,867 units across four types of home configurations. A 40-square-meter home starts at P1.2 million with a P9,000 monthly amortization.
Located in Barangay San Lucas, Lipa City, the developmentis right behind the 470-hectare industrial park Lima Technology Center and a 30-minute drive from the Light Industry and Science Park III. Schools, dining outlets and leisure establishments are close by, with SM City Lipa an 18-minute drive away.
CPG identified the first homebuyer market as one of the two allied real estate segments for its 2020 business expansion, with the other being leisure and tourism.
The company’s foray into quality first homes seeks to address the strong housing demand in the expanding middle class of the Philippines, which largely benefits from the surge of overseas remittances, the growth of the BPO industry and the shift toward smaller households due to rising incomes.
PHirst Park Homes is expected to generate about a third of CPG’s revenues and income by 2020.
The company said it was also closing deals to increase its landbank in strategic locations, such as Cavite, Laguna, Bulacan and Batangas provinces.