MANILA - Century Properties Group Inc. said Monday it launched a new market category to cater to first time home buyers as it expands its portfolio of residential offerings.
The new segment aims to address strong demand from the middle class, which is driven by remittances from overseas Filipinos and the business process outsourcing sector as well as the shift towards smaller households, the company told the stock exchange.
The brand name and product offerings of the first home market category will be unveiled in the second quarter of 2017, it added.
"Century’s first home unit democratizes home ownership and makes it available to a wider set of Filipinos who aspire for an enhanced quality of life. As this is their first experience to acquire a home, we will simplify the process and make each step convenient for them," said Marco Antonio, Century Properties chief operating officer and managing director.
The homes will be sold with a starting price of P1.1 million and a monthly amortization of approximately P9,000 a month, he added.
Century Properties closed a partnership with Mitsubishi Corp. in November 2016 to develop housing projects, starting with approximately 2,877 homes in a 26-hectare community in Tanza, Cavite.
Century Properties shares were up 3.92 percent to P0.53 on Monday.