Century Properties eyes strong yearend

MANILA, Philippines — Century Properties Group Inc. (CPG) is optimistic it will finish the year strong, anticipating an even more robust performance in 2024 amid the continuing improvement in the business environment.

In a media briefing last week, CPG president and CEO Marco Antonio said the company is already reaching its pre-pandemic levels.

“Our outlook is cautiously optimistic. There are many reasons why we believe it’s going to be a good year. Our affordable housing business is growing rapidly...We’ve rolled out our projects quite aggressively, mostly in Luzon,” Antonio said.

He said that by the first quarter of next year, CPG’s first home residential venture, PHirst Park Homes, will launch its first project in the Visayas.

Antonio said PHirst is ready to expand further its geographical footprint outside Luzon.

CPG has already fully acquired PHirst, marking a milestone five years after entering a joint venture with Mitsubishi Corp.

In May 2023, CPG’s board of directors approved the company’s acquisition of a 40 percent stake previously held by Mitsubishi Corp. in two entities, PHirst and Tanza Properties Inc. via a share purchase agreement.

Subject to regulatory approvals, the acquisition has been approved by the Philippine Competition Commission in August.

PHirst has successfully completed the launch of 15 projects it committed to deliver during its formation in 2017.

Last year, CPG established a wholly owned subsidiary, Century PHirst Corp. (CPC), to expand its market presence by entering the socialized and economic housing, as well as mid-income residential markets.

The expanded market brought about broadened offerings under new brands: PHirst Sights Bay for socialized and economic segments, PHirst Editions Batulao catering to the  mid-income market, and PHirst Centrale Hermosa—a mixed-use township encompassing residential (Impressions), commercial (Fairgrounds), and retail (Boroughs) establishments.

This expansion significantly widened PHirst’s price point offerings, ranging from P580,000 to P8 million.

PHirst continues to thrive in its core affordable product line (P1.5 to P3.5 million) as it launched its first community in Nueva Ecija with PHirst Park Homes Gapan, followed by the opening of PHirst Impressions Batulao in Nasugbu, Batangas in the first and second quarter, respectively.

The company expects to launch two more projects for the remainder of the year, bringing its total portfolio to 21 active developments.