PHirst Park Homes merges with Century Properties

MANILA, Philippines — The Antonio family’s Century Properties Group Inc. (CPG) has secured the approval of the Securities and Exchange Commission for its merger with PHirst Park Homes Inc., with CPG as the surviving entity.

Under the merger, all assets, properties, receivables, rights, privileges and interests of PHirst will be transferred to and vested in CPG, which will likewise assume all of PHirst’s liabilities and obligations.

The merger is intended to consolidate the businesses, assets and operations of CPG and PHirst under a single corporate structure, resulting in a more streamlined and integrated organization.

The initiative is part of CPG’s corporate restructuring efforts aimed at enhancing resource allocations and operational synergies.

CPG president and chief executive officer Marco Antonio said the merger advances the company’s goal of building a simpler and more agile listed firm.

“It supports disciplined capital allocation and provides a stronger platform to scale our first-home residential business alongside our diversified real estate portfolio,” Antonio said.

PHirst is CPG’s platform for complete, accessible and well-planned communities for Filipino families.

By bringing the business directly under the listed parent, CPG expects to improve strategic alignment, governance, transparency and execution while reducing duplicated functions.

“The combined structure will simplify oversight of capital, resources, tax assets and compliance. Greater visibility over financial performance and more efficient resource deployment should support long-term stockholder value,” CPG chief financial officer Rodel Marqueses said.

From January to June, PHirst Residential remained CPG’s principal growth engine, contributing 73 percent of consolidated revenues and growing by seven percent year-on-year.

Century Premium, meanwhile, accounted for approximately 16 percent of consolidated revenues, while commercial leasing and property management services contributed seven percent and four percent, respectively, providing recurring and complementary support to the residential platform.