PHIRST PARK Homes, Inc. is setting aside P550 million as capital expenditure for a new project in Nasugbu, Batangas after its purchase of a 30-hectare property in the area.
In a statement yesterday, the affordable housing unit of listed Century Properties Group, Inc. (CPG) said the land expansion will enable it to build a residential community in Batulao.
It is targeting to launch the project within the first half of the year, and has started selling the first 13 hectares of the project comprising an initial 1,021 units.
“We achieved another milestone as we acquired one of the prime properties in Nasugbu, Batangas. We are very much excited for the opportunities to develop this into a showcase community,” PHirst Park President Ricky M. Celis said in a statement.
The project is envisioned to have a “mix of modern and rustic ambiance with tree-lined streets and wide-open spaces,” matched with a view of Mount Batulao. It would be different from other projects carrying the PHirst Park Homes brand as it will feature a commercial center and new eco-friendly house models.
“Future residents will get to experience a world-class development at an affordable price point. People can jog in the streets freely, kids can play in the park, or throw a party at the clubhouse — and be rest assured of utmost security and peace of mind when you are inside the PHirst Park Homes project,” Mr. Celis added.
The project site is along the Nasugbu Highway, which the company said is 1.5 hours away from Manila, 20 minutes away from Tagaytay City and 42 minutes away from the Nasugbu beaches.
PHirst Park is eyeing to roll out 10 more master planned communities comprising 33,000 homes in the next three years. This would boost its portfolio of five projects amounting to 8,799 units with a total value of P14.4 billion: the 26-hectare PHirst Park Homes Tanza in Cavite); the 20-hectare PHirst Park Homes Lipa in Batangas; the 18-hectare PHirst Park Homes San Pablo in Laguna; the 11-hectare PHirst Park Homes Pandi in Bulacan; and the nine-hectare PHirst Park Homes Calamba in Laguna.
PHirst Park is a joint venture between CPG and Japan’s Mitsubishi Corp. Shares in CPG at the stock exchange closed 1.03% lower to P0.480 each on Thursday. — Denise A. Valdez