Century Properties Group, Inc. (CPGI) and Mitsubishi Corporation are eyeing a longer and broadened partnership thru their joint venture company PHirst Park Homes, Inc. (PPHI) with the aim of building more residential and non-residential projects.
“Our idea here is to increase and broaden our presence in addressable markets via new products, new formats, and in more segments” Century Properties Group, Inc. President and CEO Marco R. Antonio said.
Century Properties Group Executive Chairman Jose E.B. Antonio said that the international experience of Mitsubishi Corporation, “being one of Japan’s most respected business groups, will further add to the combined group’s experience and business strategies.”
Mitsubishi Corporation Chief Operating Officer for Urban Development Naoshi Ogikubo said they will ensure the company’s cooperation with CPGI, noting that, “Our team would like to work hard with you and make sure to go into the new growth stage.”
PPHI continues to grow within the affordable housing platform. “The market’s resilience continues to motivate us to move forward and bring our core product offering to a nationwide scale,” PHirst Park Homes President and CEO Ricky M. Celis said.
The two firms have signed a term sheet agreement which will allow PPHI to help address the country’s big housing backlog in the affordable market.
PPHI defied expectations as the country’s property sector was dampened by the economic crisis, contributing P1.75 billion to CPGI’s consolidated revenues of P4.43 billion for the first half of 2021.
Under the first homebuyer brand PHirst Park Homes, the company’s performance remains strong in 2021 as it posted reservation sales of P4.38 billion for the first half of the year, 38 percent higher than P3.17 billion in the same period last year.
Its total collections hit P2.02 billion, a 172 percent increase over P744 million in the same in 2020.
For the 9 months ending Sept 30, 2021, PPHI contributed P2.76 billion to CPGI’s consolidated revenues of P6.07 billion.
Its current projects located in Tanza, Cavite; Lipa, Batangas; San Pablo, Laguna; Pandi, Bulacan; Calamba, Laguna; Nasugbu, Batangas; Magalang, Pampanga; General Trias, Cavite; Tayabas, Quezon; and Baliwag, Bulacan, have enjoyed tremendous success, with 73 percent of its 13,829 units of inventory already pre-sold as of September 30, 2021.
A total of P25.4 billion sales value is expected from these 10 affordable housing projects, with sold revenues equivalent to P16.9 billion as of September 30, 2021.