Century Properties earnings gets boost from diversification to housing segment

Century Properties Group Inc., the real estate arm founded by Ambassador Jose E.B. Antonio, saw first-half net income rise 21 percent to P392.8 million on the back of strong sales of its residential business. 

CPG said total revenue in the first six months jumped 27 percent to P6.7 billion on account of a 35 percent increase to P3.5 billion in the revenue of its residential unit, First-Home Residential Brand, which is marketed under the bran PHirst. It said in-city vertical developments, commercial leasing and property management segments contributed P2.4 billion, P670 million and P217 million to group revenue, respectively.
“The demand for quality and strategically located first homes have proven to be resilient and even stronger and CPG was well-prepared to serve this market with its First-Home Brand. We are aiming to maintain this growth trajectory as we launch new projects,” said Marco Antonio, CPG president and chief executive officer.
PHirst broadened its offerings last year when it entered new market segments under new product brands: PHirst Sights Bay for socialized and economic segments, PHirst Editions Batulao catering to the mid-income market, and PHirst Centrale Hermosa—a mixed-use township encompassing residential (Impressions), commercial (Fairgrounds), and retail (Boroughs) establishments. This expansion significantly widened PHirst’s price point offerings, ranging from P580,000 to P8 Million,

“We are taking a very calculated stance in managing our leasing portfolio and high-rise vertical residential developments aligned with our view of a moderate and gradual growth for this segment of the industry,” Antonio said.