Century Properties Group Inc. said Tuesday it will launch this month a residential community project within a 10-hectare property in Pampanga province.
CPG said in a disclosure to the stock exchange affordable housing unit PHirst Park Homes Inc. would launch the project with more than 500 house-and-lot units in Magalang, Pampanga.
The project will be PHirst Park’s second community in Central Luzon after the one in Pandi, Bulacan and the eighth residential project after those in Tanza, Cavite; Lipa and Nasugbu in Batangas; and San Pablo and Calamba in Laguna.
PHirst Park, a joint venture of CPG and Japanese firm Mitsubishi Corp., has launched 8,251 units across 97 hectares and sold 6,645 units with sales value of P10.59 billion as of end-September.
CPG said third-quarter net income climbed by 73.7 percent to P571.5 million from P329 million in the same period last year, boosted by positive sales from residential and leasing businesses.
The company said real estate sales stood at P3.4 billion, or at the same level in 2019, while leasing revenues rose 25 percent to P195 million from P156 million.
CPG said recurring income assets grew to 137,000 square meters of gross floor area as of end-August after it acquired the 40 percent share of Mitsubishi in Century Diamond Tower.
CPG chief finance officer and head for investor relations Ponciano Carreon Jr. attributed the stable earnings to the company’s prudent financial and liability management and the digitalization initiatives it accelerated for the various stages of the home buying journey which supported healthy sales despite eight months of community quarantine.
“CPG is well-positioned to take on the business challenges in this new normal and navigate through this period while we plan for new launches and continue with our business expansion into our high-margin segments,” Carreon said.
CPG said that for the high-rise residential development, it was expecting to complete more than 2,000 condominium units by the second quarter of 2021. These projects include 500 units at the Residences at Commonwealth in Quezon City and 1,600 units at the Residences at Azure North in San Fernando, Pampanga.