Property developer Century Properties Group Inc. projects 2024 to be an even better year for the company as its affordable housing business continues to exhibit rapid growth.
“This year is proving to be a very strong year for the company in the first nine months when we recorded revenue of close to P10 billion and net income of P1.3 billion. We’re already hitting pre-pandemic levels,” CPG president and CEO Marco R. Antonio said at the the launch of its first hotel project, Novotel Suites Manila.
This developed on the back of the steady rise in the contribution of CPG’s residential development segment amounting to P5.3 billion or 55 percent of total revenue, an increase of 28 percent from P4.2 billion in 2022.
“Our outlook is cautiously optimistic. There are many reasons why we believe it’s going to be a good year. Our affordable housing business is growing very rapidly,” he said.
The company now relies on its horizontal projects having ran out of vertical projects to build.
“We’ve actually rolled out that platform quite aggressively, mostly in Luzon, in the Calabarzon area. But by the first quarter next year, we hope to launch our first project in the Visayas. We’re expanding our geographic footprint,” Antonio said.
He said the commercial leasing and office sector business had been challenged with Covid initially and then by the work-from-home trend but that the properties now perform above market in terms of occupancy.
“We don’t plan any new speculative office developments in the near future. We’re focusing our efforts on really filling up all of our current office and retail spaces,” Antonio said.
