CENTURY Properties Group, Inc. reported brisk sales take-up for its maiden venture into horizontal development in partnership with Japanese firm Mitsubishi Corp.
PHirst Park Homes, the first-home brand of Century Properties, generated P1.07 billion in net reservations from the sale of 860 units, or 86% of the first phase of the 26-hectare development in Tanza, Cavite as of mid-July, the listed property developer said in a statement. The brand was launched on May 27.
The property will have a total of 3,000 units.
Century Properties attributed the strong sales to the robust demand for housing products priced between P1 million and P3 million.
The residential project generated strong end-user demand from Cavite, Laguna, Batangas, and Quezon, which accounted for close to 60% of sales. Overseas Filipinos also took up a big portion of the project, as Century Properties capitalized on its strong marketing presence abroad.
“We are optimistic that the sales momentum will be sustained as we are set to open the second phase of the Tanza property soon,” Ricky M. Celis, president of PHirst Park Homes, was quoted in the statement as saying.
Century Properties has 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.
“By 2020, PHirst Park Homes is expected to generate about a third of Century Properties’ revenues and income. As it ramps up its projects in this segment, it is in the process of closing deals to increase its landbank in strategic locations such as Cavite, Laguna, Bulacan, and Batangas,” Mr. Celis said.
Shares in Century Properties slid by a centavo or 1.64% to close at 60 centavos apiece on Friday. — Krista Angela M. Montealegre