Century Properties enters $1-B deal with tech company

Century Properties Inc. (CPI), the holding firm of the listed property company of the Antonio family, is entering into a partnership with international conglomerate Globe Invest that will result in investments worth over $1 billion.

CPI said it would enter into a joint venture agreement with Globe Invest for advanced energy optimization management, advanced agriculture and urban farming, prefabricated housing, water desalination, and other master-planned real estate development projects.

The agreement was signed on Sept. 4 and was among the deals inked during President Duterte’s four-day visit to Israel.

Globe Invest is an international conglomerate engaged in advanced technological applications in various industries including energy, agriculture, real estate, co-working and co-living spaces, water management and other businesses.

CPI’s listed property company, Century Properties Group Inc. (CPGI), has been diversifying its portfolio, moving from just purely high-end residential to other segments such as the first home segments and then hotels and other tourism related developments.

The company has four sources of income – the vertical developments, affordable line, leisure and recreation, and tourism projects and the fourth is the commercial segment.

CPGI last May formed a new joint venture company with Japan’s Mitsubishi Corp. that will invest at least P10 billion over the next five years to develop affordable housing projects nationwide.

In the first half, CPGI posted a net income of P490 million, up 10 percent from P446 million behind strong contributions from its residential and leasing businesses.