By Zinnia B. Dela Peña (The Philippine Star) Updated October 03, 2011 12:00 AM
MANILA, Philippines - Upscale realty firm Century Properties Inc. is making a splash in the affordable housing segment of the market via a P4.8-billion mid-rise condominium building along Commonwealth Avenue in Quezon City.
In a recent talk with reporters, Century Properties chair and founder Jose E.B. Antonio said the company is entering the affordable residential sector to capitalize on the continued strong demand for affordable housing as well as low interest rates.
There is a shortage of 3.8 million housing units in the country, primarily in the socialized and low-cost category.
The project, which will be under subsidiary Century Limitless Inc., will sit on a four-hectare property and have less than eight to 10 stories. Units will sell for P1.5 million to P3 million each.
“Now is the good time for buyers to come in while interest rates are still low,” Antonio said.
Century Limitless’ first project is Azure, an urban resort type of condominium project beside SM Taguig, offering nine buildings of 700 units per building and 19 storeys per building. Each unit sells for as low as P2.3 million.
Century Properties is the developer of the posh Essensa East Forbes in Fort Bonifacio and Pacific Star Building. Its real estate portfolio and pipeline covers 63 buildings under management and development as well as current projects with over 42 million square feet; and more than 10,000 residential, office and commercial units.