Strong demand for homes buoys CPG income in Q1

Century Properties Group Inc. (CPG) said its income in the first quarter rose 22 percent to P249.43 million from last year’s P204.58 million, as its affordable housing and leasing business segments performed well during the period.

The company said it had P2.61 billion in consolidated revenues in January to March, up by 26 percent from P2.07 billion last year.

CPG’S affordable housing arm, Phirst Park homes Inc., a joint venture with Mitsubishi Corp., contributed P1.2 billion or 46 percent of total revenues. This is a significant increase from its 22 percent contribution in the same period last year, the company said.

The balance came from the incity vertical and leasing segments contributing 42 percent and 8 percent, respectively.

“The strong sales take-up and on-schedule land development, house constructions and unit turnovers of our affordable housing projects saw the revenues from this segment growing by 61 percent, significantly adding to the revenues generated from leasing business and in-city vertical development projects,” Ponciano S. Carreon Jr., the company’s CFO, said.

With already 10 communities as of December, Phirst Park homes Naic was launched in March while four more are lined up for launch this year. As of end-march, the company has already completed 3,953 affordable houses, 2,678 of which have already been turned over.

“The company’s strategy of deploying resources on segments and projects to focus on commitments to deliver to our buyers grew this quarter’s revenue while at the same time keeping our balance sheet and liquidity levels healthy,” CPG President and Ceo Marco Antonio said.

“We have been continuously turning over units in our affordable housing projects as well as units in our vertical development projects such as The resort residences at Azure North, The residences at Commonwealth, and Century Spire. We see the residential sector strong and, given the overall re-opening of the economy, even further recovering in the second half. Thus, we are going full steam ahead with our horizontal projects and managed launchings for our vertical segments in the coming months.”