CPG completes over 2,800 condo units this year

CENTURY PROPERTIES Group, Inc. (CPG) is bullish on its housing and commercial leasing business as it completed 2,853 condominium units in 2019.

In a statement Thursday, the Antonio-led property developer said it expects the newly completed projects to contribute significantly to its revenues in 2020.

Detailing on the condominium units it finished, CPG said it completed the ninth and last tower at the Azure Urban Resort Residences in Parañaque City last month. The project has 5,350 units with a sales value of P26.2 billion.

It also completed this year the 500-unit Roxas West Tower at The Residences at Commonwealth in Quezon City. The Quirino West and East Towers, which have a combined 1,015 units, are on track to be finished by end-2019.

Also, Acqua Iguazu YOO inspired by Starck tower, which has 492 units, was also completed this year, while Novotel Suites Manila will open next year. This marks the completion of the Acqua Private Residences project, which has 3,168 units with a sales value of P18.4 billion, in Mandaluyong City.

CPG likewise added 821 house and lot units through its PHirst Park Homes brand, a joint venture with Mitsubishi Corp., as of end-November.

For its commercial leasing business, CPG launched this year its Asian Century Center in Bonifacio Global City that has a gross floor area of 56,284 square meters. With this, the company targets to increase its gross floor area from commercial spaces to 300,000 square meters, which would help it generate P2 billion in revenues by 2020.

“Our record high completions and launches in line with our business expansion this year are testament to the company’s commitment to boost CPG’s growth trajectory over time and increase shareholder value,” CPG President and Chief Executive Officer Marco R. Antonio said in the statement.

The company committed to spend P30 billion for capital expenditures over the next three years to support its expansion plans and ongoing projects.

Shares in CPG at the stock exchange ended flat on Thursday at P0.56 apiece. — D.A.Valdez