"Our Commonwealth project is only the first of a series of masterplanned developments that Century plans to roll out in key cities nationwide for this category. We recognize the demand for residential property outside Metro Manila and this is part of our expansion plans," announced the company's Co-Chief Operating Officer Marco R. Antonio.
For the second quarter of 2012, Century generated Php5.4B in pre-sales, of which 19%, 40% and 41% came from the luxury, middle income and affordable markets, respectively. Recognizing the need to further enhance its development portfolio into the affordable segment, Century is allocating a capital expenditure budget of approximately Php7B for 2012.
Century debuted in the affordable category last month with the Commonwealth project-an 8-tower mid-rise development with a total of 2,300 units and a sales value of over PhplO billion. Reservation sales for the first two towers have been well received after a month since its launch.
"The market is hungry for unique products with intrinsic value, and attainable monthly amortizations stretched over a two-year to five-year period," Antonio added.
News reports from the studies conducted by the real estate services and advisory firm CBRE Philippines attribute the growth of the Philippine residential real estate sector to "low interest rates and financing schemes," with the market profile changing from a "nation of renters to owners." Demand for condominium properties, added CBRE, are also gaining traction as people prefer to "keep pace with urban living within a live, play, work environment."
Colliers International also reported that demand for housing will be sustained due to a rising population in the Philippines, and the greater pie will comprise "the younger age set." This market belongs to the affordable segment that Century is targeting for its future developments.
With 26 years in the business of real estate development, marketing and property management, Century Properties has completed 20 condominium buildings (4,128 units) with a total GFA of 548,262 sqm and is currently managing 51 properties as of December 31, 2011. Delivering differentiated, quality real estate has been Century Properties' commitment in its almost three decades in the business of full-service real estate development, marketing and property management. The company is listed in the Philippine Stock Exchange under the symbol CPG.
- https://www.affordablecebu.com/
