Century Properties Group, Inc. (CPG) will be launching its second affordable housing project in Lipa, Batangas, where it expects to generate P2.8 billion in sales over the next three to five years.
The listed property developer is set to unveil PHirst Park Homes Lipa by the second half of this year. The 20-hectare property offering around 1,800 units will be developed in three phases, with the first phase to include about half of the total housing units.
CPG is targeting first home buyers for the project, specifically those with monthly household incomes of around P30,000 to P60,000.
In order to cater to the more affordable segment, 80 percent of the total housing units will be townhouses. Amortization can go for as low as P9,000 monthly for a 40-square meter townhouse.
Amenities will include a village clubhouse, swimming pools for adults and children, an open-air cinema, and playgrounds featuring spaces for traditional Filipino games such as piko, patintero, taguan, tumbang preso, and holen. All this is in keeping with CPG’s concept of a home-in-a-park experience for PHirst Park Homes Lipa.
CPG will also construct an outdoor gym, basketball court, hike lane, biker’s lane, and jogging lane.
So far, the company has already constructed the pavilion welcoming residents into the development. CPG President for the Affordable Housing Segment Ricky M. Celis said they are now bidding out the land development contract for the project.
“Within the year we expect to have substantial land development already. By first quarter of next year is when we’ll see house construction to start,” Mr. Celis told reporters on the sidelines of the project’s launch in Batangas.
For the house construction, Mr. Celis said they are looking at engaging listed engineering firm Megawide Construction Corp.
The Lipa development is CPG’s second affordable housing project to-date, following Phirst Park Homes Tanza in Tanza Cavite. Mr. Celis said they have so far seen strong demand for the product.
“(Sales are) very good. As of May actually we already sold out phase one. Now we’re going 20 percent into phase two. So that’s actually two years ahead of schedule,” he said.
CPG’s entry into the affordable housing segment is part of its plan to have a diversified source of income in the following years. To further grow the unit, the company is partnering with Japan’s Mitsubishi Corp. for the incorporation of PHirst Park Homes, Inc. (PPHI).
PPHI is set to have an authorized capital stock of P5 billion. Under the 60-40 joint venture, CPG and Mitsubishi will be spending P10 billion over the next five years for the launch of 15 projects. These projects are slated to bring in P57 billion in sales for PPHI.
The incorporation is now pending approval from the Philippine Competition Commission (PCC).
“If it goes according to PCC’s timeline, we expect approval by August,” Mr. Celis said.
Once CPG and Mitsubishi secure clearance for the joint venture, Mr. Celis said the Phirst Park Homes brand will now be owned by the partners. — Arra B. Francia