MANILA - Century Properties Group Inc. and Mitsubishi Corp. have entered into a partnership to tap first-time home buyers.
The partnership involves developing horizontal housing units for the first-time, home-buyer market, Century Properties said Thursday.
Century Properties has secured a 26-hectare property in Tanza, Cavite to develop around 4,000 homes, it added.
"We will deliver projects that are expected to offer reliable returns in reasonable payback periods," Century Properties chairman and chief executive Jose E.B. Antonio said.
The company earlier said it will focus on affordable housing as well as tourism for its business expansion to address strong demand in the affordable segment, which has a significant share in the housing backlog of 5.56 million for 2016.
Century Properties unit Century City Development II Corporation and Mitsubishi Corp. also signed last year a joint venture partnership to develop, lease out, and maintain the world’s first Forbes-branded commercial building.