Real estate firm Century Properties Group (CPG) recently announced that it will continue its expansion to leasing and affordable housing, and face the new normal guided by the principles of innovation, resilience, growth and sustainability.
Addressing stockholders in an online meeting last week, president and chief executive officer Marco R. Antonio (shown in photo), cited the company’s strong balance sheet and increased liquidity, which he said is fueling CPG’s positive outlook for these two high-growth business segments.He revealed that CPG will continue to “diversify our portfolio towards the original goal of balanced contributions from affordable housing, commercial leasing, and in-city vertical developments businesses.”
Softening market not a threat
In the first half of 2020, CPG saw the combined net income contributions from the two business segments jump to Php225 million or 42% of the total net income of P546 million, compared with the 29% contribution level of the same period last year.
CPG executive chairman Jose E.B. Antonio said while there might be some perceived softening in the market due to prevailing economic sentiments, the company sees affordable housing demand to continue “as it serves the need of a real market, that is, first home buyers, especially for quality and strategically located projects.”
He noted the same is true for office leasing, especially for projects located within developments that are ecosystems in themselves, such as CPG’s project in Century City, Makati.
The company’s affordable housing brand, PHirst Park Homes, announced in July that it is launching its 7th community in Magalang, Pampanga later this year.
PHirst has maintained its sales momentum and posted reservation sales of 1,548 units for the first six months of 2020 worth Php3.120 billion from six projects in Tanza, Cavite; San Pablo and Calamba, Laguna; Pandi, Bulacan; and Lipa and Nasugbu, Batangas totaling 97 hectares.
For commercial leasing, CPG announced on August 25 that it added 25,000 square meters of floor area to its commercial leasing portfolio, growing it to 137,000 square meters of gross floor area this year after it acquired the 40% stake of joint venture partner Mitsubishi Corporation’s subsidiary in the newly-completed, PEZA-accredited Century Diamond Tower in Makati.
Taking on new market opportunities
For its core guiding principles moving forward, the company promised to take on new market opportunities with a focus on innovation, resilience and growth, and sustainability.
Under innovation, CPG president Antonio said the company will utilize the exponential capabilities of technology to serve altered customer preferences, address pain points, and deliver more efficient services.
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Article and Photo originally posted by Manila Standard last September 5, 2020 7:20pm.
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