Century Properties gets P1-b funding from BDO
Century Properties Group Inc., through its mass housing unit PHirst Park Homes, has obtained a P1-billion loan from BDO Unibank Inc. to finance its house and lot project in Tanza, Cavite.
Century said PHirst signed a term loan facility with BDO Unibank to fund the land development and construction of its Tanza project, a 26-hectare horizontal community that will offer 2,877 housing units.
The project, which was launched in 2016, has begun land development for the first phase, which will initially offer 950 units.
Target completion for the land development of the first phase is on the third quarter of 2018.
PHirst also signed an agreement with BDO Unibank to provide house and lot buyers with flexible home loan terms.
“Following CPG’s tradition of quality and innovation, PHirst Park Homes is building a premium community in Tanza while elevating the standards of the first-home market category at competitive price points. We are proud of this partnership with BDO Unibank as it makes our homes more accessible to first-time home buyers but also attainable for them with flexible loan terms,” said PHirst Park Homes president Ricky Celis.
BDO Unibank senior executive vice president and head of institutional banking Walter Wassmer said the agreement with PHirst was in line with the bank’s commitment to support significant undertakings benefiting the greater population.
“As such, this funding agreement will further boost the supply of housing units in the country and fulfill every family’s dream of having their own home,” Wassmer said.
Construction of the first 878 homes is slated in the first quarter of 2018, for turnover in the third quarter of the same year.
Construction of the remaining 72 units is set to start by the second quarter of 2018, for turnover before the yearend.
Reservation sales as of end-September this year reached 91 percent with total sales value of P1.2 billion.