Century Properties aims to quadruple rental revenues by 2020
Century Properties Group Inc. expects its leasing revenues to grow by more than fourfold in three years to P1.5 billion as it ramps up the construction of its leisure and tourism projects.
From its currently completed gross floor area of about 133,000 square meters, the company expects its leasing portfolio to increase to a GA of about 302,000 sqm by 2020.
“It has been our top priority to drive growth through the diversification of our business. Our strategic decision to invest in allied real estate segments with potential high return opportunities has positioned us well for the coming years,” said Kristina Garcia, director for Investor Relations at CPG.
Since its public listing in 2012, CPG has completed 18 residential buildings with GFA of close to 800,000 sqm. For this year, it plans to complete another four buildings with GFA of 135,000 sqm.
By 2020, the company expects all its 30 residential condominiums to be completed significantly.
From just a mere developer of high-rise condominium projects, CPG ventured into affordable horizontal housing. Together with its joint venture partner, Mitsubishi Corp., CPG launched PHirst Park Homes Tanza in Tanza, Cavite, a 26-hectare project that will have a total of 3,000 units in the P1-3 million per unit price range.
In December last year, the company also announced its foray into leisure and tourism through Batulao Artscapes in Batulao, Batangas. Envisioned as a tourist destination for locals and foreigners alike, the 142-hectare site will include a retirement village, hotel, museums, sports and leisure facilities, among others.