Century Properties allots P10B for new residential, office developments
Century Properties Group is spending P8-10 billon this year to build more residential and office projects and beef up its land bank.
The new developments are aimed at sustaining its profitability.
CPG had a solid 2018 with net earnings surging 72 percent to P1.1 billion. This was on the back of a 60 percent jump in revenues to P10.7 billion, largely driven by the completion of three residential buildings, an office tower and 259 affordable housing units.
Commercial leasing assets now account for nine percent of groupwide earnings.
CPG aims to more than double its leasable area to 300,000 square meters by 2020 with a target of P1.5 billion in revenues.
The company’s affordable housing business under the Phirst Park Homes brand in partnership with Japan’s largest trading house Mitsubishi will launch 33,000 units worth around P57 billion in the next four to five years.
Phirst Park Homes rolled out communities in Tanza, Cavite; Lipa, Batangas and San Pablo, Laguna with three more sites targeted for launch this year.