MANILA, Philippines - Century Properties Group Inc. is planning to boost its portfolio of affordable housing projects in key cities around the country.
"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," Century co-chief operating officer Marco R. Antonio said, in a statement.
Century is allocating a capital expenditure budget of Php7.3 billion to Php8.3 billion for 2012, as it continues to pursue projects in the affordable market.
Known for its high-end residential projects such as Trump Tower Manila and Milano Residences, Century made its first foray in the affordable market when it launched Residences at Commonwealth. The Quezon City project features 8 towers with a total of 2,300 units and a sales value of over P10 billion.
The company has seen growth in pre-sales in the second quarter. Century posted P5.4 billion in pre-sales, of which 19%, 40% and 41% came from the luxury, middle income and affordable markets, respectively.
"The market is hungry for unique products with intrinsic value, and attainable monthly amortizations stretched over a two-year to five-year period," Antonio said.