Phirst Park Homes Inc., the horizontal developer majority owned by listed firm Century Properties Group Inc., on Thursday said it completed a total of 1,140 house and lot units in Tanza, Cavite and Lipa, Batangas.
Of the completed homes, 686 units have been inspected and accepted, company president Ricky M. Celis said.
“The company is ramping up construction works to catch up on 3 months of coronavirus-triggered lockdowns. A total of 2,279 units are under construction across all projects,” he said.
Since the company’s launch in 2017, the company has expanded its development footprint to 97 hectares and a total of 9,188 units launched with a sales value of P13.2 billion. Its reservation sales for the first six months of 2020 reached 1,548 units worth P3.12 billion.
Phirst Park is 40 percent owned by Japan’s Mitsubishi Corp.
The 26-hectare Phirst Park Homes Tanza is almost complete for its first phase, 77 percent complete for its second phase and 40 percent done for its third phase with a total of 3,000 units. The subdivision’s clubhouse amenities are for completion in September this year.
Meanwhile, the 20-hectare development in Lipa, Batangas is 62 percent complete for first phase, and 36 percent for the second phase, out of 1,867 units. The 18-hectare subdivision in San Pablo, Laguna is 41 percent done for phase 1, and 27 percent for phase 2.
Land development will start this month for the first 13-hectares of the newly-launched, 27.5-hectare subdivision in Batulao in Nasugbu, Batangas.
The company earlier said a chunk of its business in the next few years will come from its affordable housing and leasing business as it is fast running out of high-rise condominium units to sell.
Jose E.B. Antonio, the company’s chairman said, these two segments are expected to corner about a third each of the company’s revenues in the future. The remaining will still be contributed by sales from its high-rise developments.
“The affordable housing continues to be buoyant because of the unmet demand for affordable housing in the Philippines. And office leasing continues to be very vibrant considering the fact that despite the realignment of office spaces, the vacancy in the industry remains to be very low at 5 percent,” Antonio said during the company’s annual stockholders meeting conducted online.
“Our locations are ideally located both for these companies to continue expanding their operations.”
Image credits: BusinessMirror file photo