MANILA, Philippines — Century Properties Group Inc. (CPG), the listed property developer of the Antonio family, has set its sights on more provincial expansion after its expanded geographic and product footprint propelled earnings to a double-digit growth in the nine months ending September.
CPG said that it is on track to meet its full year financial targets after its net income in the first three quarters climbed by 38 percent to P1.8 billion from P1.3 billion in the same period last year.
“We attribute Century Properties Group’s strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” CPG chief finance officer Ponciano Carreon Jr. said.
Given the rapid and transformative infrastructure developments underway across the country, Carreon said CPG is focused on expanding its presence in key cities and municipalities outside the National Capital Region.
“We are committed to sustaining our growth, both organically and through strategic acquisitions and consolidations, as we have consistently done in the past,” he said.
CPG’s revenues for the nine-month period expanded by 11 percent to P10.8 billion on the back of robust sales in the first-home residential development segment, which contributed 64 percent or P6.9 billion of total revenues.
The premium residential developments segment accounted for 24 percent or P2.6 billion, while the commercial leasing and property management segments contributed the remaining 13 percent or P1.4 billion.
“As we look ahead, Century Properties Group is committed to playing a key role in shaping the future of the real estate industry in the Philippines. By focusing on high-growth regions and adapting to the needs of the market, we are delivering more value for our stakeholders,” CPG president and CEO Marco Antonio said.