MANILA -- Century Properties Group (CPG) will be spending PHP30 billion in the next three years to expand its various enterprises, as it embarks on a new line of in-city residential developments.
CPG President and Chief Executive Officer Jose Marco Antonio said the company aims to equally grow its three business segments --the new line of Urban Villages, its recurring income portfolio of leasing assets, and horizontal affordable housing, while is also focused on its leisure and tourism business.
“We plan to launch four (affordable mid-rise homes) within the next 12 months intially. We are looking at Mandaluyong, Quezon City and Pampanga,” he told reporters after the company’s stockholders’ meeting on Friday.
Antonio said target markets for in-city residential developments include young people in the workforce, young professionals, young families, and people prioritizing convenience.
“Because of the current state of our traffic and travel times have been increasing to and from places of work and residence, we feel that there is a sweet spot for affordable homes in key city centers and its peripheries,” he added.
Antonio further said the firm is also ramping up its commercial leasing portfolio with a goal of PHP2 billion leasing revenues by 2020.
He attributed the growth to the rising office market, driven by the information technology-business process outsourcing (IT-BPO) sector, and the continued economic growth.
“Add to these is the continued trend of co-working as well all the infrastructure projects and PEZA’s (Philippine Economic Zone Authority) move to basically create national inclusivity by creating economic zones outside of Metro Manila. I think the office sector will continue to grow at healthy rates,” he said.
Meanwhile, Antonio said the first two phases of its affordable housing brand, PHirst Park Homes, in Tanza, Cavite, are almost sold out, and its third phase is being offered.
“Tanza (project) sold well and actually that performance has been mirrored in the two succeeding projects basically Lipa and San Pablo (in Laguna),” he added. (PNA)
