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Tuesday, July 23, 2024

Century to build 35 new housing projects

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Century Properties Group Inc. (CPG) said over the weekend it plans to launch 35 new housing projects over the next five years that could potentially generate P110 billion in revenues.

CPG, through its affordable housing unit PHirst Park Homes Inc. (PPHI), said these new projects would deliver 50,000 units, with selling prices ranging from P850,000 to P8 million per unit.

The projects will be a combination of horizontal developments and master-planned township projects, it said.

PPHI president Ricky Celis said during CPG’s annual stockholders meeting the group would also venture into new product types and concepts to address demand for affordable housing units.

The group’s planned developments will be located in more growth areas in Luzon, the Visayas and Mindanao.

“The next five years will be exciting for CPG as we aim to enter new and sustained levels of revenues,” Celis said.

PHirst will launch five projects this year offering 8,000 units worth P18 billion in fresh inventory. Three of these projects are located in Calabarzon and the two will be in Central Luzon.

CPG, in partnership with Japan’s Mitsubishi Corp., ventured into first-home residential market in 2017.

CPG fully acquired PHirst in November 2023 after Mitsubishi decided to exit the business to focus in other market opportunities in the country and the Asian region.

It said that while it remains bullish on the affordable market, it is “recalibrating its strategy for the residential condominium business” and would be prudent in launching high-rise developments.

“To mitigate the risk associated with long duration projects, we will remain good stewards and managers for all our stakeholders and investors as we take a positive view on the proven robust and resilient mark need for our first home housing projects,” CPG president Marco Antonio said.

Antonio said the company would also continue to develop Azure North, its township development in Pampanga. It will launch six mid-rise towers with sales value of P16.2 billion this year. The first tower will offer 374 units with potential sales of P2.8 billion.

“Through these projects, CPG aims to capitalize on the robust demand for high quality residential properties in key urban centers,” Antonio said.

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