CENTURY Properties Group, Inc. (CPG) continues to expand its affordable housing portfolio as it completed 1,140 new projects in the first half of the year.
PHirst Park Homes, Inc., the affordable housing subsidiary of CPG, said in a statement on Thursday it is trying to catch up on suspended projects since construction work was allowed to resume.
A total of 1,140 house and lot units have been completed by PHirst Park with Mitsubishi Corp. located in Tanza, Cavite and Lipa, Batangas.
“The company is ramping up construction works to catch up on three months of coronavirus-triggered lockdowns. A total of 2,279 units are under construction across all projects,” PHirst Park President Ricky M. Celis said in the statement.
CPG has a P13.2-billion development footprint comprising 97 hectares and a total of 9,188 units. It booked P3.12 billion in reservation sales during the first half from selling 1,548 units.
The company’s strategy is to expand revenue contributions from its affordable housing and commercial leasing segments, with a goal of balancing its asset portfolio with in-city vertical developments.
In the first semester, the affordable housing and commercial leasing segments generated a combined income contribution of P225 million, accounting for 42% of CPG’s P541.21 million net income.
Its attributable net income fell 36% to P458.13 million, as consolidated revenues dropped 25% to P4.52 billion.
Shares in CPG at the stock exchange shed 0.5 centavo or 1.35% to 36.5 centavos on Thursday. — Denise A. Valdez