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CPG expands portfolio with mid-rise residential projects

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CENTURY PROPERTIES Group, Inc. (CPG) said it continues to drive its growth with upcoming launches in the mid-rise residential segment and new housing projects.

CPG President and Chief Executive Officer Jose Marco R. Antonio announced during the company’s virtual annual stockholders’ meeting on Friday that five new projects under its PHirst housing brand will be launched this year.

“Under our PHirst brand, we will be launching five new projects in 2024, covering 85 hectares with over 8,000 units worth P18 billion of fresh Inventory,” he said. 

“Three of these developments will be in Calabarzon while the other two will be in Central Luzon,” he added.

Mr. Antonio said that CPG also has upcoming mid-rise projects within its Azure North development in San Fernando, Pampanga, with an inventory worth P16.2 billion.

“The upcoming projects within the Azure North estate will include six mid-rise towers that can potentially contribute an inventory valued at P16.2 billion,” he said.

“The first mid-rise building to be launched this year will consist of 374 units, with an estimated sales value of P2.8 billion and a capital expenditure of P1.2 billion,” he added.

Azure North is a resort-inspired estate that has a man-made beach with a white sand beach lagoon and a wave pool, as well as an exclusive clubhouse.

PHirst Park Homes, Inc. President Ricky M. Celis said the PHirst brand is poised to launch 35 new projects over the next five years with an estimated value of P110 billion.

He added that the company is focusing its expansion efforts on Visayas and Mindanao.

“This will bring in 50,000 units worth P110 billion and 490 hectares of new stock covering price points ranging from P850,000 to P8 million, involving a combination of the signature stand-alone horizontal development model and the master-planned township format,” he said.

For the first quarter, CPG recorded a P409.53-million attributable net income, more than double the P174.02 million a year ago. Revenue rose by 7.2% to P3.58 billion led by the contribution of the PHirst brand.

CPG shares were last traded on June 28, closing unchanged at P0.335 apiece. — Revin Mikhael D. Ochave

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