PROPERTY developer Century Properties Group said that they had acquired in its entirety, PHirst, which is a business that serves first-time homebuyers.

In a statement, Century said that their board of directors approved last May, the acquisition of a substantial 40-percent ownership stake previously held by Mitsubishi Corporation through two two entities, PHirst Park Homes, Inc. (PPHI) and Tanza Properties, Inc. (TPI).

It will be recalled that PPHI was launched in 2017 with an aim to launch 15 projects by 2023,.

It is set out to do with Mitsubishi Corp 5 years ago, according to Century Properties.

Now, Century noted that PHirst thrives in its core affordable product line (P1.5 to P3.5 million) with its PHirst Park Homes Gapan in Nueva Ecija, along with the PHirst Impressions Batulao in Nasugbu, Batangas. 

Presently, it had its own brands PHirst Sights Bay which is used for socialized and economic segments, and PHirst Editions Batulao aiming the mid-income market, and PHirst Centrale Hermosa, a mixed-use township.

They said that PHirst is set o launch two more projects before the end of the year, bringing its total portfolio to 21.

"We are committed to addressing the housing needs of first-time homebuyers...we now have a platform to address the entire spectrum of the country’s housing backlog,” said Century Pacific Group president and chief executive officer Marco Antonio.