Century Properties allots P30 B for 3-year capex

MANILA, Philippines — Century Properties Group (CPG) of the Antonio family is spending P30 billion over the next three years to pursue its expansion and diversification program as it ushers in a new era of leadership.

CPG chairman Jose E.B. Antonio said the capital expenditures allocated until 2021 would further drive the company’s expansion program and complete its existing projects that cuts across horizontal affordable housing, recurring income portfolio of leasing assets, new line of urban villages, and leisure and tourism business.

“We are earmarking P30 billion in the next three years to continue driving CPG’s expansion into allied real estate segments, specifically horizontal affordable housing in key urban centers outside Metro Manila, commercial leasing, and a new product line of medium rise residential buildings,” Antonio said during the company’s annual stockholders’ meeting yesterday.

The projects cover 250.6 hectares of land bank which CPG is building to further expand its footprint in-city, in strategic tourism destinations, and provincial growth centers within Luzon.

After its recent expansion to horizontal affordable housing through PHirst Park Homes in partnership with the global business enterprise Mitsubishi Corp, CPG also announced that it is embarking on a new line of in-city residential developments called Urban Villages in the next 12 months.

The new Urban Village concept will cater to the country’s young workforce and will rise in the central business districts and its peripheries in Quezon City, Mandaluyong and Pampanga.

The residential communities will be CPG’s answer to the urgent need for conveniently-located and well-planned homes fitted with modern social spaces at attainable prices.

“Our ultimate goal is to grow CPG’s businesses and achieve a revenue mix of one third each from our three main segments of recurring income portfolio, horizontal affordable housing through PHirst Park Homes, and Urban Villages – to have a diversified net income mix with more sustainable cash flow and recurring income,” Antonio said.

Spearheading CPG in its new era of growth is the company’s new president and chief executive officer Jose Marco Antonio.

The former ambassador Jose E.B. Antonio, who held the post for 33 years since the founding of CPG and seven years since it became publicly-listed, will remain as the company’s executive chairman.

“This new role of Marco in the company affirms the board’s trust and confidence in his leadership, given his more than two decades of professional experience and wide exposure in the company’s operations handling different aspects of the business. We look forward to an even more energized company under his management,” Antonio said.

Jose Marco started working for his father’s company in 1996 after working at The Blackstone Group in New York City. He served as managing director for the company for 22 years and held this position concurrently when he was appointed chief operating officer.