Century Properties to venture into other housing segments

MANILA, Philippines — Century Properties Group (CPG) is further expanding its portfolio by entering other housing markets, according to its top official.

The company is venturing into socialized, economic and mid-income residential projects, said CPG president and CEO Marco Antonio during the company’s annual stockholders meeting last week.

CPG hopes to take advantage of the success of its PHirst Park Homes which has 13 new developments plus two more on the horizon.

“PPHI will cap the current year with 15 launches. As the first-homes buyer segment stayed strong in the past three years, your company took the opportunity to expand the affordable housing subsidiary, with new offerings under the Phirst brand and via the launch of a new 100 percent subsidiary, Century Phirst Corp. (CPC). The business segment is now called Phirst Home Market Residential Developments,” Antonio said.

With this, the company is now venturing into socialized, economic and middle income high quality residential projects in addition to affordable housing, he added.

The segment has also introduced mixed-use developments with commercial and retail components.

CPC has proceeded with the opening of three flagship projects: PHirst Sights Bay in Bay, Laguna, its ticket into the socialized and economic housing segment; PHirst Editions Batulao, in Nasugbu, Batangas, its maiden mid-income development, and PHirst Centrale Hermosa, its first mixed-use township located in Hermosa, Bataan.

Antonio said the group remains cognizant of the strong fundamentals of the affordable housing market.

He said venturing into new housing segments is the company’s contribution to helping address the housing backlog.

Century Properties is committed to meeting the housing needs of first-time home buyers and will continue to explore opportunities to expand its portfolio, he said.

The company announced earlier that it had acquired the shares of its partner Mitsubishi Corp. in PHirst Park, giving Century Properties full ownership of the business unit.

Mitsubishi, for its part, will redirect its focus to other market opportunities in both the Philippines and the Asian region.”

But officials from both companies said CPG and Mitsubishi would still explore new asset classes in real estate to co-invest in.”