By James A. Loyola
Developer Century Properties Group, Inc. has teamed up with the global business enterprise Mitsubishi Corporation to develop horizontal housing units in Cavite that target first time homebuyers.
As its initial foray into affordable housing, the company has secured a 26-hectare property in Tanza, Cavite to develop around 4,000 homes.
“We are currently pursuing more fervently new projects in the first homebuyer market. We will proceed with the same amount of prudence, opportunism, and progressive mentality that we have always employed,” said CPGI Chairman Jose E. B. Antonio.
He added that, “we will deliver projects that are expected to offer reliable returns in reasonable payback periods. These and a few other initiatives will steer the company towards long-term growth and profitability, which can ride the peaks and troughs of real estate cycles,” Antonio said.
“We thank Mitsubishi Corporation for its continued confidence in CPG’s ability to deliver the best value to the market,” Antonio said.
Mitsubishi Corporation Real Estate Business Division Chief Operating Officer Takuya Kuga said that, “at the groundbreaking ceremony of Forbes Media Tower January, I said ‘This is just a beginning of our long-term relationship’. My word is coming true. Today is becoming a very important milestone for history of our long-term relationship.”
He noted that, “I know that with the economic growth, people in middle income class of the Philippines are drastically expanding. On the other hand, I also heard that housing supply for this rising middle-class does not catch up with the big demand and this is one of the biggest social problems in the Philippines.”
“We, Mitsubishi, wish not only to catch this big business opportunity but also to contribute to improvement of living environment in the Philippines together with Century Properties,” he added.
In line with its Century 2020 blueprint, Century is proceeding with its diversification into affordable housing to tap the first homebuyer market in high growth areas in the peripheries of Metro Manila.
Last year, the company identified affordable housing as one of the two allied real estate segments together with tourism for its business expansion. The move seeks to address the strong demand in the affordable segment, which, per statistics, has a significant share in the housing backlog of 5.56 million for 2016.