Listed real estate developer Century Properties Group, Inc. has announced the launch of the Philippines’ first home market category, which will unveil its brand name and product offerings in the second quarter of 2017, a disclosure to the Philippine Stock Exchange said Monday.

“The launch of this new segment effectively expands the company’s portfolio of residential offerings, from luxury and mid-priced condominiums in the business districts and city centres to competitively-priced first homes within boom towns outside of Metro Manila, while maintaining Century’s tradition of quality, innovation, and unique customer experience across all market segments,” said Marco Antonio, CPG’s chief operating officer and mnaging drector for the company’s first home unit.

The announcement comes after Century Properties sealed an agreement with Mitsubishi Corp, in November 2016 to develop of housing projects, starting with approximately 2,877 homes in a 26-hectare community in Tanza, Cavite .

Antonio said this will cater to the underserved end-user market of first-time homebuyers.

“This new division of Century answers the dreams, needs and aspirations of first-time homebuyers through a complete housing package that go beyond the essential propositions of a good location, convenience and attainable price points,” he stressed.

“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,” he said.

With a starting price of P1.1 million and a monthly amortization of approximately P9,000 a month, the homes are truly a first of its kind in the market, Antonio said. “This unbeatable value at this price point will make first home buyers proud to own and ive in a Century home,” Antonio added.

Updated housing needs from the Housing and Urban Development Council (HUDCC) are estimated at 5.56 million units for 2011 to 2016, including backlogs from previous years.

In terms of locations, Century Properties’ first home unit has identified growth areas of Calabarzon and Central Luzon , where an estimated 33 percent of overseas Filipino employees come from. DMS