Century Properties strengthening partnership with Mitsubishi Corp

MANILA, Philippines — The Antonio family’s Century Properties Group and Mitsubishi Corp., one of Japan’s biggest sogo shoshas, are looking to expand their partnership beyond the two initial ventures.

At the grand launch of their joint venture company PHirst Park Homes Inc. last week, officials said both parties are open to similar opportunities in the future.

“I wish both our companies continued success and may our partnership continue for many, many years,” said CPG chairman Jose Antonio.

Terrie Yu, CPG head of corporate communications, said there’s nothing specific yet on future partnerships but noted that the company is very open to that.

Antonio said the partnership with Mitsubishi has been formidable.

“I would like to thank Mitsubishi for its trust and confidence in Century Properties Group. You have been a most valuable partner for sharing your knowledge and experience as a global player. Combined with Century’s expertise, it is truly a formidable partnership,” he said.

At present, CPG is essentially in partnership with Mitsubishi Corp. for two major initiatives. These are the Century Diamond Tower at Century City Makati, which is set to be completed in 2019, and PHirst Park Homes.

A 35-story office building with 58,000 square meters of net leasable area, the Century Diamond Tower is being developed by CCDCII, a company co-owned by CPG subsidiary Century City Development Corp. (CCDC) and Mitsubishi Corp. at 60 percent and 40 percent, respectively.

PHirst Park Homes likewise is a 60-40 percent arrangement. The company is targeting the first homebuyer market/affordable housing market and plans to roll out 15 communities in the next five years.

PHirst has two ongoing projects, a 26-hectare community in Tanza, Cavite and a 20-hectare community in Lipa, Batangas.

Antonio said Mitsubishi’s reputation exceeds its name. “It is a global integrated business enterprise located in 90 countries and a network of 1,200 group companies with a staff of 68,000 people worldwide.”

“We still have a huge housing backlog to fill: 6.6 million homes. And I am happy to note that we have found a very like-minded partner in Mitsubishi Corp, which is equally passionate in making a positive impact in areas where it operates,” Antonio added.

Takuya Kuga, Mitsubishi senior vice president and real estate business division COO, said the company is happy to contribute its experience and technologies.

“I believe PHirst Park Homes will be the best housing developer in Philippines and its brand will have a good and lasting impression for the Filipino people…I do hope PHirst Park Homes will be the symbol of our greatest partnership between Century Properties Group and Mitsubishi,” he said.