CPG broadens partnership with Mitsubishi

MANILA, Philippines — Century Properties Group Inc. (CPGI), the Antonio-led listed property company, and Mitsubishi Corp. will broaden their partnership to build more residential and non-residential projects.

The two companies signed a term sheet agreement for “new products, new formats and in more segments.”

“Our idea here is to increase and broaden our presence in addressable markets via new products, new formats, and in more segments” Century Properties president and CEO Marco Antonio said.

The international experience of Mitsubishi Corp. would add value to the partnership, Century Properties Group executive chairman Jose E.B. Antonio said.

“Being one of Japan’s most respected business groups, Mitsubishi Corp will further add to the combined group’s experience and business strategies,” he said.

Mitsubishi Corp. COO for Urban Development Naoshi Ogikubo said the group is looking forward to growing with Century Properties.

“Our team would like to work hard with you and make sure to go into the new growth stage,” he said.

Century Properties and Mitsubishi are partners in PHirst Park Homes, an affordable housing segment which continues to grow.

“The market’s resilience continues to motivate us to move forward and bring our core product offering to a nationwide scale,” PHirst Park Homes president and CEO Ricky Celis said.

With the agreement, PPHI will also be able to help address the country’s big housing backlog in the affordable market.

For the nine months ending Sept 30, PPHI contributed P2.76 billion to CPGI’s consolidated revenues of P6.07 billion.

At present, it has projects in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan.