Posted on 09:34 PM, December 15, 2009 [ BusinessWorld Online ]
Upscale property developer Century Properties Group has formed a new unit that will sell to the middle-income segment in line with a strategy to expand its business.
In a statement yesterday, the property firm said it would launch its latest project Azure Urban Resort Residences today under a new brand, Century Limitless. Century Properties said the new brand would develop “affordable yet high-value” residential projects.
“This project marks our entry into the local middle-income market that has come to appreciate real estate as a good asset to have,” Chief Operating Officer John Victor R. Antonio said.
Azure is the company’s latest residential condominium project and is said to be its first development outside central business districts in many years. Other projects include The Gramercy Residences and The Knightsbridge Residences, both at the Century City development in Makati.
Azure will be a six-hectare, nine-building residential development in Parañaque under a joint venture between Century Properties and the Columbian Motors Group of Companies.
Mr. Antonio said the project would cost the company P6 billion. Units will be offered to overseas workers as well as businessmen, employees and families whose activities are based in Makati or Alabang in Muntinlupa.
The first building, Rio, will have one- to three-bedroom units. The average price is P1.9 million for a 26-square-meter (sq. m.) unit, or P17,000 a month.
Amenities include a “man-made beach cove” and multiple water slides.
Mr. Antonio said Century Properties was seeking Pag-IBIG Fund accreditation so that buyers would be able get financing from the state housing fund.
The middle-income housing market is dominated by Sy-led SM Development Corp. and Consunji-led DMCI Homes, Inc. -- K. J. R. Liu
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