CPG taps Megawide for Cavite affordable housing project

CENTURY Properties Group, Inc. (CPG) is tapping diversified engineering conglomerate Megawide Corp.’s precast construction system for the company’s first affordable housing project.

In a statement issued Wednesday, the listed developer said it signed a memorandum of agreement with Megawide to apply precast concrete panel building systems for 2,830 housing units inside Phirst Park Homes in Tanza, Cavite.

“Phirst Park Homes works only with the best in the industry to deliver quality housing to first-time homebuyers. We are confident of Megawide’s experience and leadership in modern precast technology and their expertise will only ensure that our Phirst Park Homes in Tanza are delivered complete and on-schedule,” Phirst Park Homes President Ricky M. Celis said in a statement.

Megawide employs the precast construction system, which it said enables faster construction, easy standardization, cost-effectiveness, high-quality finish, and an enhanced facade design.

“We are extremely proud of our precast technology. This memorandum of agreement with Phirst Park Homes is our seal of assurance to buyers in terms of quality and timely delivery,” CPG quoted Megawide President Edgar B. Saavedra as saying.

The entire development sits on a 26-hectare property which can accommodate 2,877 units. CPG looks to complete the first phase of the project, which will offer 950 units, by the third quarter of 2018. The company will commence construction of the first 878 units in the first quarter of 2018, with turnover slated for the third quarter. Construction for the remaining 72 units will start in the second quarter of 2018 and will be turned over before the end of 2018.

CPG reported reservation sales for Phirst Park Homes hit P1.2 billion as of August, representing 91% of its first phase.

It noted that positive reception to the project was primarily due to the demand for affordable housing among Filipinos, given that prices for Phirst Park Homes units range from P1 million to P3 million. Monthly amortization for a 40-square meter house, for instance, is pegged at P9,000.

Phirst Park Homes forms part of CPG’s strategies to expand its product offerings, as it shifts its attention to the first homebuyer market and leisure and tourism developments.

“The company’s foray into quality first homes seeks to address the strong housing demand in the segment of the expanding middle class in the Philippines, which largely benefit from the surge of overseas Filipino remittances, the growth of the BPO (business process outsourcing) industry, and shift towards smaller households due to rising incomes,” CPG said.

CPG’s attributable profit for the first half of 2017 fell 11% to P445.81 million, amid a drop in revenues from its residential projects. Gross revenues slipped 25% during the six-month period to P2.42 billion.

Shares in CPG closed a centavo higher or 1.96% to 52 centavos each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia