Century Properties allots up to P10 billion capex for 2019

MANILA, Philippines — Century Properties Group (CPG), the diversifying property developer of the Antonio family, is allotting P8 to P10 billion for capital expenditures this year to fund its various projects as it continues to expand.

In a press briefing yesterday, CPG chief operating officer Marco Antonio said the company benefitted from its diversification into affordable housing and commercial leasing.

CPG grew its net income 72 percent to P1.1 billion last year on the back of a 60 percent growth in revenue to P10.7 billion.

“We’re very much positive. Our diversification has started to bear fruit,” Antonio told reporters.

Revenue grew following the completion of three residential buildings, an office tower and 259 affordable housing units.

“CPG’s expansion into affordable housing and commercial leasing has started to be profitable and we expect this upward trend to continue. These two businesses will contribute a bigger share of the company’s revenue and income in the coming year, sustainimng CGP’s growth momentum,” said Ponciano Carreo Jr., chief finance officer and head of investor relations at CPG.

From just a high-rise residential property developer, CPG has expanded its business to include affordable housing and commercial leasing.

CPG’s expansion into the affordable housing segment was done through PHirst Park Homes, a partnership with global business enterprise, Mitsubishi Corp.

The partnership has a target to launch 33,000 units with sales value of P57 billion within the next four to five years, Antonio said.

It has rolled out communities in Tanza, Cavite, Lipa, Batangas and San Pablo, Laguna.

For this year, the company will launch three more sites including areas in northern Luzon.

The company’s leasable area, meanwhile, is targeted to grow to 300,000 square meters of gross floor area by 2020 from the current 133,000 sqm.

It has a target to churn in P1.5 billion in revenues.

For 2019 alone, it plans to complete another four residential buildings with a gross floor area of 134,000 sqm and an office tower with a gross floor area of approximately 95,000 sqm.

So far, CPG has completed 24 out of its planned 32 residential condominium buildings with a gross floor area of one million sqm.

The company became a publicly listed company in 2012.