Century Properties Group Inc. said it will spend P30 billion over the next three years as it further expands its residential portfolio with the development of mid-rise condominiums.
CPG chairman Jose E.B. Antonio said in an interview following the annual stockholders’ meeting Friday it identified properties in Quezon City, Mandaluyong and Pampanga as future sites for the planned venture. The company plans to launch four mid-rise development projects over the next 12 months.
Antonio said the planned urban villages were expected to be another high-growth segment in the company’s residential business after after a recent venture into affordable housing segment.
“Rising in central business districts and its peripheries, these residential communities will be CPG’s answer to the urgent need for conveniently-located and well-planned homes fitted with modern social spaces at attainable prices,” Antonio said.
Aside from venturing into mid-rise development, Antonio said the company was also focused on increasing the recurring income portfolio to achieve a target of P2 billion in leasing revenues by 2020.
From its current completed gross floor area of about 133,000 square meters, the portfolio will increase the GFA to 300,000 sq. m. by 2020 once leasing projects are completed.
CPG this year is s scheduled to complete Novotel Hotel in Mandaluyong and Diamond Tower, an office project in Makati.
“Our strong balance sheet supports our growth strategy. Our ultimate goal is to grow CPG’s business and achieve a revenue mix of one third each from our each main segments of recurring income portfolio and to have a diversified net income mix with more sustainable cash flow and recurring income,” Antonio said.
The group is focused on the leisure and tourism business following the recent launch of a leisure homes project in Nasugbu, Batangas.
