J. Albert Gamboa l December 22, 2023 l The Manila Times
PHILIPPINE Stock Exchange-listed firm Century Properties Group (CPG) is embarking on the creation of new generation real estate as the company adapts to a global citizen way of thinking and new standards of living in the post-pandemic era.
Recently, CPG acquired Mitsubishi Corp.’s 40-percent stake in PHirst Park Homes Inc. (PPHI), its first-home residential venture, and Tanza Properties Inc., a 26-hectare horizontal community in Cavite. As of end-2022, PPHI completed the launch of 15 projects that it committed to deliver during its establishment in 2017.
CPG President and Chief Executive Officer (CEO) Marco Antonio said: “We are committed to addressing the housing needs of first-time homebuyers as well as to explore further expansion opportunities.” After acquiring full ownership of PPHI, CPG now has a platform to address the entire spectrum of the country’s housing backlog.
Mitsubishi Executive Vice President Takuya Kuga stated that together with CPG, his company was able to grow the value of PPHI and that the outcome they initially projected to achieve in 10 years had been substantially realized within only five years. He disclosed that Mitsubishi would continue its dialogue with CPG as it looked for more investments in the Philippines.
In 2022, CPG formed a wholly owned subsidiary, Century Phirst Corp. (CPC), to expand its market presence in the socialized and economic housing sectors as well as middle-income residential markets. Since then, CPC has launched new projects in Nasugbu, Batangas; Hermosa, Bataan; Gapan City, Nueva Ecija; and Bacolod City, Negros Occidental.
For the first nine months of 2023, CPG’s consolidated revenues of P9.7 billion rose 10 percent from the corresponding period last year. The higher revenues were attributed to the steady rise in the contribution of the first-home segment which accounted for 55 percent of total revenues.
Meanwhile, CPG has partnered with global hospitality group Accor of France to unveil the Philippines’ newest hotel, Novotel Suites Manila at Acqua — Metro Manila’s first-ever hotel to be opened along the banks of the historic Pasig River. Accor Asia Pacific CEO Garth Simmons and Mandaluyong City Mayor Benjamin Abalos inaugurated the hotel during a grand ceremony last month.
Novotel Suites Manila is strategically located at Hulo, Mandaluyong City, that borders Poblacion, Makati City, in an area now called Greater Poblacion, the epicenter of night life in Metro Manila. It occupies the sixth tower of Acqua Private Residences, another CPG high-rise project on Coronado Street that is connected to Poblacion via the Estrella-Pantaleon Bridge and the Makati-Mandaluyong Bridge that both cross the Pasig River.
Also situated in Poblacion is CPG’s Century City Mall, known as the “Mall of Modern Makati.” New stores have opened at this shopping hub along Kalayaan Avenue during the third and fourth quarters of this year. These include a Korean coffee shop, a Vietnamese nail salon, an Australian luxury skin care products store and an indoor golf simulation driving range.
Century City Mall will be celebrating its 10th anniversary in February 2024 with more developments to be announced soon. Catch the series of holiday mall activities ranging from festive performances and live music to interactive experiences that will keep shoppers entertained throughout the Christmas season.
*** The author is the chief finance officer of the Asian Center for Legal Excellence and vice chairman of the Finex Ethics Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and The Manila Times.