CPGI expects even stronger earnings in 2024

While Century Properties Group Inc. is already performing well in 2023, next year is seen to be even better for the company its affordable housing business continues to exhibit rapid growth.

In a media briefing for the launch of the firm’s first hotel project, Novotel Suites Manila, CPGI President and CEO Marco R. Antonio said “2023 is proving to be a very strong year for the for the company in the first nine months when we recorded revenues of close to P10 billion and net income of P1.3 billion. So we’re already we’re already reaching our pre-pandemic levels.”

The higher revenues came on the back of the steady rise in the contribution of CPG’s First-Home Residential Developments (First-Home) segment amounting to P5.3 billion or 55 percent of total revenues, an increase of 28 percent from P4.2 billion in the comparative period of 2022.

“Our outlook is actually cautiously optimistic. There are many reasons why we believe it’s going to be a good year. Our affordable housing business is growing very rapidly. As you probably are aware, we’ve launched many projects,” he noted.

Antonio added that “we’ve actually rolled out that platform quite aggressively. Mostly in Luzon, in the Calabarzon area, but, by the first quarter next year, we hope to launch our first project in the Visayas. So we’re, we’re already going to expand our geographic footprint.”

For CPGI’s commercial leasing business, he said the office sector has been challenged with COVID initially and then by the work-from-home trend.

“With that said, I think our properties are performing above market in terms of occupancies. We don’t plan any new speculative office developments in the near future. We’re focusing our efforts into really filling up all of our current office and retail spaces,” said Antonio.

He added, “I think there’s a lot to be excited about the retail market. I think initially it was revenge spending, which I think you could also all see across the board, but specifically for us in Century City Mall, I think, the difficult period of COVID… we’ve seen already the positive inflection point where we’ve been able to drive up the occupancy for the mall significantly this year, which we plan to continue in next year.”

If you like this article, share it on social media by clicking any of the icons below.

Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.

The article was originally published in Manila Bulletin and written by James A. Loyola.