By Zinnia B. Dela Peña (The Philippine Star) Updated August 26, 2009 12:00 AM
MANILA, Philippines - Century Properties Inc., a 24-year old property firm that has earned a solid reputation for developing premium high-rise condominiums in the country, is diversifying into the middle-income residential segment as part of a strategic move to widen its customer base and push sales.
John Victor Antonio, managing director and chief operating officer of Century Properties, said the company, after maintaining its premium housing image for a long time, is contemplating on building residential units that will sell for as low as P2 million each.
“There are plans to move towards the middle-income segment. We’ll make the necessary announcements before the end of the year,” he said.
Antonio said the middle-income segment has the potential for growth and demand for its properties. He, however, declined to specify the location of the company’s first middle-income residential project.
“Century Properties intends to go a step forward by entering into newer geographies to take advantage of available opportunities and mitigate the risks of being too concentrated in certain segments of the real estate sector,” he said.
Antonio said the company will continue to focus on innovation and provide quality property execution in order to maximize client satisfaction.
Amid a global financial downturn, Century Properties remains bullish on the property sector with plans to turn over some 1,000 homes this year. Continuous demand for housing, buoyed by remittances from 11 million Filipinos working overseas, a low interest rate environment, and a growing middle class, are the major factors that continue to drive the growth of Philippine real estate.
Century properties is the developer of the upscale Essensa East Forbes in Bonifacio Global City and Canyon Ranch, the country’s first Wi-Fi integrated community in Carmona, Cavite.
Among its latest projects are the 3.4-hectare Century City in Makati which will include The Gramercy Residences and The Knightsbridge Residences, and Canyon Ranch at the San Lazaro Leisure Park in Carmona. It has just turned over to its clients South of Market, a twin tower residential development in Fort Bonifacio. It is slated to also turn over Soho Central, a joint venture project with Greenfield Development Corp., a mixed use commercial and residential project on Shaw Blvd. and EDSA.
Next year, the company is slated to deliver Grand Soho Makati, a 366-unit condominium in Salcedo Village, Makati with the United Coconut Planters Bank as joint venture partner.
Century Properties registered a 29 percent growth in sales in the first seven months of the year on strong take-up of its residential units.