By JAMES A. LOYOLA Century Properties Group, Inc. is planning capital expenditures (capex) of ₱30 billion for the next three years, or about ₱10 billion a year, as it continues to expand its affordable housing, office leasing and residential condominium businesses. In an interview, CPG President and Chief Executive Officer Marco R. Antonio said capex will be funded by bilateral credit facilities as well as additional fund raising from the capital and bond markets. The firm has just listed its preferred shares after successfully raising ₱3 billion from the issuance. “With the acceptance of the bond and equity markets, we would like to take advantage of the atmosphere. At the opportune time, if the investors continue to support us, we hope to go back to the market,” Antonio said. He noted that, “As interest rates continue to come down, our cost of borrowings are also coming down.” The firm is currently planning a mixed-use development for “a significant size of land” in Novaliches, said Antonio. He added they are launching a new brand for mid-rise condos in multiple locations. Antonio noted that, “If there is a backlog of 6 million outside Metro Manila, there is actually a backlog of a million within Metro Manila for value-oriented affordable condos with a price point of around ₱3 million to ₱5 million. That’s going be an exciting new chapter for Century.” Meanwhile, he said CPG is aiming to change its revenue mix by increasing the share of its office leasing and affordable housing businesses. “We’re coming from an 85 percent condo and around 10 percent affordable and 5 percent for leasing. This year, we still expect our main revenue drivers to be our condo… but the contribution of affordable housing is accelerating. What was coming from a negligible number like 10 to 11 percent, that should further rise to mid-double digits and then leasing coming from 5 percent now, should be closer to maybe more than 10 percent this year,” he said. For condominium units, Antonio said CPG currently has around ₱26-billion unbooked revenues and around ₱16 billion to ₱18 billion of unsold units. “That will continue to be a revenue driver,” he said. For project launches, Antonio said CPG will be launching 3 to 4 affordable housing projects this year.