Century Properties, Mitsubishi Corp to roll out 33,000 homes worth P57 billion

MANILA - Century Properties Group and Mitsubishi Corp on Thursday announced plans to roll out 33,000 home units through its newly-formed joint venture PHirst Park Homes.

The units worth P57 billion it total will be rolled out in key locations outside Metro Manila, Century Properties told the stock exchange.

PHirst Park Homes will launch 15 communities in Calabarzon and in Central Luzon within the next 5 years, its president and CEO Ricky Celis said.

“We are pleased to announce this new chapter in the company’s history of serving the housing needs of our Filipino first home buyers in a much larger scale," Celis said.

Mitsubishi Corp senior vice president and Real Estate Business Division COO Takuya Kuga said PHirst Park Homes could help address the housing backlog in the Philippines.

Century Properties said it owns 60 percent of the joint venture while Mitsubishi owns 40 percent.