Century Properties Group Inc. (CPGI) and Mitsubishi Corporation recently launched a joint venture company, PHirst Park Homes, Inc., and announced its plans to cater to the market of first homebuyers by rolling out 33,000 units in key locations outside of Metro Manila. The project has an estimated sales value of P57 billion. The joint venture company is 60 percent and 40 percent owned by CPGI and Mitsubishi, respectively. Ricky M. Celis, president and CEO of PHirst Park Homes, said the company will launch 15 master-planned communities in Calabarzon and Central Luzon within the next 5 years,. The new launches will entail capital expenditures of approximately P28 billion, of which P11 billion will be spent in the first 5 years. Shown here are officials of Mitsubishi Corporation and CPGI with Socioeconomic Planning secretary Ernesto M. Pernia (center). From left: Kiyoto Asari, senior manager of Mitsubishi Corporation Tokyo’s ASEAN Urban Development Department; Shunsuke Tanaka, team leader; Masahiro Nagaoka, deputy general manager; Keiichi Matsunaga, general manager of Mitsubishi Corporation Manila Branch; Takuya Kuga, senior vice president, Mitsubishi Corporation Tokyo’s real estate business division; Hidetoshi Suzuki, general manager of Mitsubishi Corporation Tokyo; Secretary Pernia; Katsumi Nakamoto, incoming general manager of Mitsubishi Corporation Tokyo; CPGI’s chairman and CEO Jose E.B. Antonio; Hilda Reyes-Antonio; Dennis Macalisang, department manager, Mitsubishi Corporation Manila; Jose Carlo R. Antonio, PHirst Park Homes, Inc. chairman and CPGI co-managing director; Loren Sales, PHirst Park Homes, Inc. customer management group vice president; Ricky M. Celis, PHirst Park Homes president; Marco R. Antonio, CPGI COO; and Ponciano S. Carreon, CPG Chief Finance Officer.