Century Properties to launch P10.6-billion projects through 2018
CENTURY Properties Group Inc. (CPG), the property-development firm of the Antonio family, said it will launch P10.6 billion worth of projects from now through 2018 after a two-year lull as it ventures into affordable housing.
The company, known for its luxury and branded developments, said about P4.5 billion will be for its 26-hectare affordable housing project in Tanza, Cavite; P2.7 billion for its Azure North Townhouse project in Pampanga; P2.2 billion for its Batulao luxury-housing development; and the rest will be for a townhouse project in Mandaluyong.
It also has another project in San Vicente in Palawan, but the company still has not allotted funds for its project.
President and CEO Jose Antonio said the company is rebooting its 2020 plan with the venture in affordable housing after a two-year lull in project launches.
“We haven’t done the math here, but the affordable-housing segment will be 35 percent of our total income. We’re ramping up; we’ll stabilize this to 20,000 units in 2020. That’s our target,” he said at the sidelines of the company’s stockholders meeting on Thursday.
Its first affordable-housing project in Cavite will have around 2,877 units, each worth between P1.1 million and P1.8 million, but the bulk of the units will be around P1.4 million.
“Amortization of the units is about P8,000 per month, just like renting a house, so many people are buying and this is very good. It’s a testament to the increasing purchasing power of our middle class. That is the theme of what we want to do to take the opportunity of the rising middle class in the Philippines. We will build all these communities that are affordable,” said Antonio, who last year was named as the country’s special envoy to the US by the Duterte administration.
He said the Cavite project is just the first of the many lots that will comprise its affordable-housing projects.
“We have other sites basically around Metro Manila and key cities in the Philippines. That’s our target,” he said, adding it is closing land-acquisition deals in areas, such as Cavite, Laguna, Batangas and Bulacan.
“Our margins from affordable housing is higher than other product lines because we would get the incentive from what is provided by the government. We are registered with the Board of Investments [BOI] so we get incentives from the BOI, which is a tax holiday and no VAT [value-added tax],” he said.
The company sells its affordable housing at about P40,000 to P45,000 per square meter (sq m), while selling luxury units for about P300,000 per sq m.
“So that tells you the difference in price,” he added.
The company, known for its luxury and branded developments, said about P4.5 billion will be for its 26-hectare affordable housing project in Tanza, Cavite; P2.7 billion for its Azure North Townhouse project in Pampanga; P2.2 billion for its Batulao luxury-housing development; and the rest will be for a townhouse project in Mandaluyong.
It also has another project in San Vicente in Palawan, but the company still has not allotted funds for its project.
President and CEO Jose Antonio said the company is rebooting its 2020 plan with the venture in affordable housing after a two-year lull in project launches.
“We haven’t done the math here, but the affordable-housing segment will be 35 percent of our total income. We’re ramping up; we’ll stabilize this to 20,000 units in 2020. That’s our target,” he said at the sidelines of the company’s stockholders meeting on Thursday.
Its first affordable-housing project in Cavite will have around 2,877 units, each worth between P1.1 million and P1.8 million, but the bulk of the units will be around P1.4 million.
“Amortization of the units is about P8,000 per month, just like renting a house, so many people are buying and this is very good. It’s a testament to the increasing purchasing power of our middle class. That is the theme of what we want to do to take the opportunity of the rising middle class in the Philippines. We will build all these communities that are affordable,” said Antonio, who last year was named as the country’s special envoy to the US by the Duterte administration.
He said the Cavite project is just the first of the many lots that will comprise its affordable-housing projects.
“We have other sites basically around Metro Manila and key cities in the Philippines. That’s our target,” he said, adding it is closing land-acquisition deals in areas, such as Cavite, Laguna, Batangas and Bulacan.
“Our margins from affordable housing is higher than other product lines because we would get the incentive from what is provided by the government. We are registered with the Board of Investments [BOI] so we get incentives from the BOI, which is a tax holiday and no VAT [value-added tax],” he said.
The company sells its affordable housing at about P40,000 to P45,000 per square meter (sq m), while selling luxury units for about P300,000 per sq m.
“So that tells you the difference in price,” he added.
