Century Properties Group (CPG) recently acquired PHirst, its first-home residential venture, marking a milestone five years after entering a joint venture with Mitsubishi Corporation.
The CPG’s board of directors approved the company’s acquisition of a 40% ownership stake previously held by Mitsubishi Corporation in two entities, PHirst Park Homes, Inc. (PPHI) and Tanza Properties, Inc. (TPI) via a share purchase agreement. The acquisition has been aproved by the Philippine Competition Commission in August and creditors.
Fast-growing business
CPG’s Executive Chairman and Ambassador, Jose E.B. Antonio, emphasized the strategic importance of this acquisition. “This pivotal move allows us to offer greater value to our stakeholders now that CPG is the 100% owner of a fast growing and high margin business,” he said.
PPHI has successfully completed the launch of 15 projects it committed to deliver during its formation in 2017. In 2022, CPG established a wholly-owned subsidiary, Century PHirst Corporation (CPC), to expand its market presence by entering the socialized and economic housing, as well as mid-income residential markets.
The expanded market brought about offerings under new brands: PHirst Sights Bay for socialized and economic segments, PHirst Editions Batulao catering to the mid-income market, and PHirst Centrale Hermosa—a mixed-use township encompassing residential (Impressions), commercial (Fairgrounds), and retail (Boroughs) establishments. This expansion widened PHirst’s price point offerings, ranging from P580,000 to P8 Million.
Affordable homes in the forefront
PHirst continues to thrive in its core affordable product line (P1.5 to P3.5 million) as it launched its first community in Nueva Ecija with PHirst Park Homes Gapan (Shown in photo), followed by the opening of PHirst Impressions Batulao in Nasugbu, Batangas in the first and second quarter of 2023, respectively.
Early this November, PHirst broke ground on its inaugural venture in the Visayas Region via PHirst Park Homes Bacolod, marking a step forward to achieving nationwide presence.
“We are committed to addressing the housing needs of first-time homebuyers as well as to explore further expansion opportunities,” said CPG President and Chief Executive Officer Marco Antonio said. “Now as the sole owner of PHirst, which caters to our core price point, and with our expansion into new brands broadening our product and price offerings, we now have a platform to address the entire spectrum of the country’s housing backlog.”