PHirst Park Homes Inc., a joint venture of Century Properties Group Inc. and Mitsubishi Corp., plans to spend P28 billion to launch 15 master-planned communities in Calabarzon and Central Luzon.
PHirst Park Homes president and chief executive Ricky Celis said during the formal launch of the newly-formed joint venture that while company would initially launch projects in Luzon, it would also expand to the Visayas and Mindanao once it established technical and market scale.
The joint venture company earlier announced plans to roll out 33,000 units with total sales value of P57 billion. The housing projects will primarily cater to the broader market of first home buyers.
PHirst Park Homes launched its first housing project in Tanza, Cavite. The project’s first phase was already sold out with 1,200 units valued at P1.4 billion.
Around 600 units of townhomes and single attached models are expected to be completed this year.
The company also launched PHirst Park Homes Lipa, a 20-hectare development in Lipa City, Batangas with 1,867 units valued at P2.8 billion.
“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. It has always been Century’s desire to contribute to nation-building, and through PHirst Park Homes we will provide the increasing middle-class segment with quality homes that inspire pride of ownership,” said Century Properties chairman and chief executive Jose Antonio.
“Mitsubishi Corp. has been instrumental in PHirst’s initial success in Tanza, Cavite. We thank Mitsubishi for its continued trust and confidence in CPG and we look forward to working with them on more projects in the future,” said Antonio.
Mitsubishi Corp. senior vice president Takuya Kuga said the joint venture partnership would help address the housing backlog in the Philippines.
The joint venture company is 60-percent owned by CPG and 40-percent controlled by Mitsubishi.