By James A. Loyola
PHirst Park Homes, the first-home division of Century Properties Group, Inc. (CPG) with Mitsubishi Corporation, has signed a facility and memorandum of agreement with BDO Unibank for a P1 billion developmental funding and end-user financing.
Under the agreement, PHirst Park Homes (through its companies Tanza Properties I, II, III, Inc.) has secured the term loan from BDO for the land development and construction of the PHirst Park Homes Tanza project.
The project is a 26-hectare horizontal community accessible via Governor’s Drive, Cavite with a total of 2,877 units.
Launched in the second quarter of 2017, the property has commenced with land development for its first phase, which will initially have 950 units. Target completion for the land development of the first phase is on the third quarter of 2018.
The PHirst Park Homes-BDO partnership will also benefit buyers as its end-user financing will offer flexible home loan terms.
“Following CPG’s tradition of quality and innovation, PHirst Park Homes is building a premium community in Tanza while elevating the standards of the first-home market category at competitive price points,” said PHirst Park Homes President Ricky Celis.
He added that “we are proud of this partnership with BDO Unibank as it makes our homes more accessible to first-time home buyers but also attainable for them with flexible loan terms.”
BDO Senior Executive Vice President and Head of Institutional Banking Walter C. Wassmer said “this is still in line with BDO’s commitment to support significant undertakings benefiting the greater population.”
“As such, this funding agreement will further boost the supply of housing units in the country and fulfil every family’s dream of having their own home,” Wassmer added.
Construction of the first 878 homes will begin in the first quarter of 2018, to be turned over in the third quarter of the same year. Construction of the remaining 72 units is set to start by the second quarter of 2018, to be turned over before the year-end.
As of September 2017, reservation sales for the first phase have reached 91 percent valued at approximately P1.2 billion.