Century Properties reports strong pre-sales for affordable housing projects

LISTED Century Properties Group Inc. said its first three affordable housing projects have generated P4.4 billion as of the end of April, accounting for nearly all of the projects’ pre-selling units.

In a statement on Friday, the property developer said over 3,000 units were presold from its PHirst Park Homes-branded properties in Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna.

To date, 95% of the 3,400 units in the three projects have been pre-sold.

The Tanza project, a 26-hectare horizontal community with nearly 2,900 homes valued at P4.6 billion, accounted for the most pre-sales at P2.6 billion, accounting for 94% of the units launched.

The 20-hectare Lipa project gained P1.4 billion for pre-selling 98% of close to 1,900 units valued at P2.8 billion.

The first phase of the 18.5-hectare San Pablo property, officially unveiled last March with 1,640 units valued at P2.7 billion, contributed P597 million after pre-selling 91% of the launched units.

Pre-selling is typical of condominium projects, with cash reservations helping finance construction within an appointed timetable to ensure that the high-rise is built promptly. In horizontal projects, there is less pressure to pre-sell, as a developer can simply wait for orders to come in before building.

“The success of PHirst Park Homes is proof positive of the demand for quality homes with the best value and competitive pricing. Developers have barely scratched the surface in addressing the country’s housing backlog, and PHirst is doing its share by focusing on the huge demand in the Calabarzon and Central Luzon regions,” PHirst Park Homes President Ricky Celis was quoted as saying.

“The strong pre-sales of CPG’s affordable housing segment are expected to translate to sustained higher contribution to the company’s bottom line as more housing units are scheduled to be completed in the next quarters,” said CPG’s Chief Financial Officer Ponciano S. Carreon in the statement.

CPG’s first project for affordable housing was PHirst Park Homes Tanza, launched in May 2017 in partnership with Mitsubishi Corp.

The two firms furthered the partnership into a joint-venture company in 2018 to undertake a total of 15 masterplanned communities under the name PHirst Park Homes, Inc.

The first two projects launched under the brand are PHirst Park Homes Lipa and PHirst Park Homes San Pablo.

CPG is set to launch more communities in north and south Luzon, which the company has identified as growth areas with a high concentration of OFW families, unfilled demand for housing, and where major infrastructure projects are in place.

On Friday, shares of Century Properties rose 1.89% to P0.54.