Mitsubishi Corporation and Century Properties Group, a Philippine real estate company, have formed a joint venture to develop affordable housing communities in the Philippines, which are to be located in suburban locations with convenient access to existing employment hubs.

The new company, PHirst Park Homes, is headquartered in Makati. Through its 40% ownership, Mitsubishi will contribute management and project development expertise as well as introduce Japanese materials and technology to the project while Century, with 60% ownership, will bring to the partnership its vast experience and proven marketing strategies in the Philippine real estate industry.

With a target to supply 10,000 units annually - through launching three to five projects every year in key locations - PHirst Park Homes expects to meet the rising demand from predominantly first-time homeowners for affordable housing, by offering high-quality but reasonably priced homes.

The high economic growth rate in the Philippines for the past few years has reportedly led to a rapid increase in the flow of population into urban areas. This has resulted in housing shortages accompanied by a steep rise in prices and so, providing housing solutions now becomes a major priority for the Philippine government.

PHirst Park Homes aims to provide high-quality but reasonably priced homes, particularly for first-time homeowners. (Image: Mitsubishi Corporation)