Century Properties Group (CPG) is all set for a full blown expansion with around P30 billion earmarked for the launch of new residential communities , mall, office and tourism projects until 2021 to sustain strong growth momentum.
During the company’s shareholders meeting Friday, CPG chairman Jose E. B. Antonio said they would develop urban villages in Quezon City, Mandaluyong and Pampanga to cater to the country’s young workforce and those looking for conveniently-located and well-planned affordable homes.
From 133,000 square meters, the CPG’s leasing assets have grown to 307,000 sqm in the last three years with revenues seen to hit P2 billion by 2020. New leasing projects will rise in Pampanga, Quezon City, and Makati.
To further diversify its revenue stream, CPG will continue to expand its tourism business. Its first leisure homes development, Batulao Artscapes in Nasugbu, Batangas, had sold 70% of 672 launched units, equivalent to P2.9 billion in sales as of the end of December last year.
“Year 2018 was exciting and fruitful for CPG. We now look forward to an even brighter 2019 and beyond, where you will see much of our business strategy in full motion, our revenue mix transform, and your company in a renewed and excellent form to generate further growth,” Antonio said.
“Our ultimate goal is to grow CPG’s businesses and achieve a revenue mix of one third each from our three main segments of recurring income portfolio, horizontal affordable housing through PHirst Park Homes, and urban villages,” he said.
In the first quarter, CPG reported a 28% jump in net income to P384 million. Last year, net earnings surged 72% to P1.1 billion.