According to reports from the Philippines, property developer Century Properties Group has shifted 95 perfect of its stock in six projects due for completion this year to overseas foreign workers.
In a media statement last week the developer said the six projects featured 3,000 units, with the company’s Director for Investor Relations Kristina Garcia attributed the strong sales to underlying demand for mid-market and affordable housing from overseas Filipino workers.
She said: “We continue to give importance to the largely underserved overseas market with its strong demand and the strength of OFW remittances. This market is 11 million strong and spread across all continents. They are profiled as prudent spenders of their hard-earned income and are mostly end users.
“Our marketing strategy was validated by recent reports, which showed that the Philippines still has a serious shortage of housing units with a backlog of almost four million units for affordable housing alone,” Garcia added.
Sales came in the company’s affordable to mid-market developments, including as the Positano and Miami towers of the Azure Urban Residences in Parañaque City, Niagara and Sutherland towers of Acqua Private Residences in Mandaluyong City, and Osmeña West tower of the Residences at Commonwealth in Quezon City (pictured). The company also noted sales in the luxury Milano Residences at Century City, Makati development.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
