Century Properties Group said Tuesday it has fully acquired PHirst, its first-home residential venture, buying out Japan’s Mitsubishi Corp. five years after forming the joint venture. Mitsubishi previously held 40 percent stakes in two PHirst units.
The deal was recently cleared by the Philippine Competition Commission and approved by creditors.
CPG’s Executive Chairman and Ambassador, Jose E.B. Antonio, emphasized the strategic importance of this acquisition. “This pivotal move allows us to offer greater value to our stakeholders now that CPG is the 100 percent owner of a fast growing and high margin business,” he said.
PPHI has successfully completed the launch of 15 projects it committed to deliver during its formation in 2017.
In 2022, CPG established a wholly-owned subsidiary, Century PHirst Corp., to expand its market presence by entering the socialized and economic housing, as well as mid-income residential markets. The expansion widened PHirst’s price point offerings, ranging from P580,000 to P8 Million. It continues to thrive in its core affordable product line, whose price ranges from P1.5 to P3.5 million.
“We are committed to addressing the housing needs of first-time homebuyers as well as to explore further expansion opportunities. Now as the sole owner of PHirst, which caters to our core price point, and with our expansion into new brands broadening our product and price offerings, we now have a platform to address the entire spectrum of the country’s housing backlog,” CPG president and chief executive officer Marco Antonio said.
Mitsubishi’s executive vice president and group CEO for Urban Development Group Takuya Kuga said in a statement that this second partnership with CPG has exceeded expectations, with initial 10-year projection achieved in half the time. “This is our second investment with them and in both instances, we achieved healthy financial returns with our successful exits. We believe in their stewardship of the business for the years to come. We continue our dialogue with Century as we look for more investments in the Philippines and the Asian region,” he added.
