Century Properties pouring in P28 billion for 15 housing projects outside Manila Iris Gonzales (The Philippine Star) – September 22, 2018 – 12:00am

MANILA, Philippines — Century Properties Group Inc., the listed property developer of the Antonio family, and its partner, global business enterprise Mitsubishi Corp. will pour in P28 billion to build 15 masterplanned communities outside Metro Manila.

The two giant companies have partnered for a newly-formed joint venture, PHirst Park Homes Inc, which plans to initially roll out 33,000 “first home” units in key locations outside Metro Manila with an estimated sales value of P57 billion.

In a press briefing late Thursday, PHirst Park Homes officials said the grand plan is to launch 15 masterplanned communities in the Calabarzon and Central Luzon areas, an ambitious project that would entail capital expenditures of approximately P28 billion. Of the amount, P11 billion would be spent in the first five years.

The joint venture company is 60 percent and 40 percent owned by CPG and Mitsubishi, respectively.

Century Properties chairman and CEO Jose Antonio said the project marks a new chapter in the company’s history of serving the housing needs of Filipinos.

“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 Corp. 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,” Antonio said.

Ricky Celis, president and CEO of PHirst Park Homes, said the company is also eyeing expansion into the Visayas and Mindanao regions once it has established technical and market scale.

Mitsubishi Corp. senior vice president and division COO of Real Estate Business Division Takuya Kuga, for his part, said Mitsubishi is happy to partner with Century.

“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,” he said.

The joint venture partners share complementary values and skill sets. Century Properties has over 30 years of experience in the real estate industry and has pioneered real estate concepts and industry firsts.

Mitsubishi Corporation, on the other hand, is in various industries including industrial finance, energy, metals, machinery, chemicals, and daily living essentials.

This article first appeared on www.PhilStar.com