[September 20, 2018] Century Properties Group Inc. (PSE: CPG) and the global business enterprise Mitsubishi Corporation launched this evening the newly-formed joint venture company PHirst Park Homes, Inc. at the Shangri-La Hotel in Fort Bonifacio and announced its plans to cater to the broader market of first homebuyers by rolling out 33,000 units in key locations outside of Metro Manila with an estimated sales value of P57 billion. The joint venture company is 60 percent and 40 percent owned by CPG and Mitsubishi, respectively.
According to Mr. Ricky M. Celis, President and CEO of PHirst Park Homes, within the next 5 years, the company will launch 15 masterplanned communities in Calabarzon and Central Luzon. These new launches will entail capital expenditures of approximately P28 billion, of which P11 billion will be spent in the first 5 years. “The company is also eyeing expansion into the Visayas and Mindanao regions once it has established technical and market scale, Celis said.
In the photo are officials of Mitsubishi Corporation and Century Properties Group, Inc. (CPGI) with Socioeconomic Planning Secretary Ernesto M. Pernia (center). From left: Kiyoto Asari, Senior Manager of Mitsubishi Corporation Tokyo’s ASEAN Urban Development Department; Shunsuke Tanaka, Team Leader of Mitsubishi Corporation Tokyo’s ASEAN Urban Development Department; Masahiro Nagaoka, Deputy General Manager/Division Head for Industrial Finance, Logistics and Development of Mitsubishi Corporation Manila Branch; Keiichi Matsunaga, General Manager of Mitsubishi Corporation Manila Branch; Takuya Kuga, Senior Vice President and Division Chief Operating Officer of Mitsubishi Corporation Tokyo’s Real Еstatе Business Division; Hidetoshi Suzuki, General Manager of Mitsubishi Corporation Tokyo’s ASEAN Urban Development Department; Secretary Pernia; Katsumi Nakamoto, Incoming General Manager of Mitsubishi Corporation Tokyo’s ASEAN Urban Development Department; Century Properties Group, Inc.’s Chairman and CEO Jose E.B. Antonio with Mrs. Hilda Reyes-Antonio; Dennis Macalisang, Department Manager of Mitsubishi Corporation’s Manila Branch; Jose Carlo R. Antonio, PHirst Park Homes, Inc. Chairman and CPGI Co-Managing Director; Loren Sales, PHirst Park Homes, Inc. Customer Management Group Vice President; Ricky M. Celis, PHirst Park Homes President; Marco R. Antonio, CPGI Chief Operating Officer; and Ponciano S. Carreon, CPGI Chief Finance Officer.
“We are pleased to announce this new chapter in the company’s history of serving the housing needs of our Filipino first home buyers in a much larger scale. It has always been Century’s desire to contribute to nation-building, and through PHirst Park Homes we will provide the increasing middle-class segment with quality homes that inspire pride of ownership. Mitsubishi Corporation has been instrumental in PHirst’s initial success in Tanza, Cavite. We thank Mitsubishi for its continued trust and confidence in CPG and we look forward to working with them on more projects in the future,” said Century Properties Chairman and CEO Jose E.B. Antonio.
“We are grateful for the trust Century Properties have bestowed on us. Our partnership started three years ago, and Century Properties Group has been very passionate and creative in every scene. With our strong relationship with Century Properties Group, we are very convinced that PHirst Park Homes will make significant contributions in addressing the housing backlog in the Philippines.” said Mitsubishi Corporation Senior Vice President and Division COO of Real Еstatе Business Division Takuya Kuga.
The joint venture partners share complimentary values and skill sets: Century Properties has over 30 years of experience in the real еstatе industry and has pioneered real еstatе concepts and industry firsts. Its mixed-use developments include Century City in Makati City, Azure Urban Resort Residences in Paranaque City, Acqua Private Residences in Mandaluyong City, Azure North in San Fernando, Pampanga, the Residences by Commonwealth in Quezon City, and Canyon Ranch in Carmona, Cavite.
Mitsubishi Corporation, on the other hand, brings to the partnership its expertise in development and technology. It is in businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, and daily living essentials. Its current activities have expanded far beyond its traditional trading operations to include investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses.
PHirst Park Homes’ expansion comes on the heels of its successful maiden launch in Tanza, Cavite, which has already sold out its first phase with 1,200 units valued at approximately Php1.4 billion. Around 600 units of town homes and single attached models are expected to be completed within 2018.
In June this year, the company also launched PHirst Park Homes Lipa, a 20-hectare development in Lipa City, Batangas with 1,867 units valued at Php2.8 billion.
Century Properties Group’s foray into the first homebuyer market is part of the company’s ongoing portfolio expansion. From being concentrated in high-rise condominium projects, CPG has entered into allied real еstatе segments including affordable horizontal housing, leisure and tourism developments, and for-lease properties to expand its portfolio into a solid, four-platform business. #