CPG, Megawide sign deal for housing project

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LISTED real estate developer Century Properties Group, Inc. (CPG) signed a memorandum of agreement with Megawide Corp. for the application of Megawide’s precast concrete panel building systems for 2,830 housing units in CPG’s PHirst Park Homes in Tanza, Cavite.

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“PHirst Park Homes works only with the best in the industry to deliver quality housing to first- time homebuyers,” PHirst Park President Ricky Celis said in a disclosure to the Philippine Stock Exchange.

“We are confident of Megawide’s experience and leadership in modern precast technology and their expertise will only ensure that our PHirst homes in Tanza are delivered complete and on-schedule,” he added.

Megawide’s precast construction system enables faster construction, easy standardization, cost-effectiveness, high-quality finish and enhanced facade design, the construction company said.

“We are extremely proud of our precast technology. This memorandum of agreement with PHirst Park Homes is our seal of assurance to buyers in terms of quality and timely delivery,” Megawide President Edgar Saavedra said.

PHirst Park Homes is located on a 26-hectare property with a total of 2,877 units, with prices ranging from P1 million to P3 million.

The first phase will have 950 units. Construction of the first 878 homes will begin in the first quarter of 2018 for turnover in the third quarter of the same year. Construction of the remaining 72 units will start by the second quarter of 2018, to be turned over by the year-end.

PHirst Park said reservation sales for the first phase has reached 91 percent as of end-August, with close to 60 percent of the buyers coming from Cavite, Laguna, Batangas, Rizal, and Quezon and the remaining 40 percent made up of overseas Filipino workers (OFWs).

Century Properties said its foray into quality first homes seeks to address the strong demand in the expanding middle class in the Philippines, which has largely benefited from the surge of OFW remittances, the growth of the business process outsourcing (BPO) industry, and the shift toward smaller households due to rising incomes.

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