CPG plots P 8.39-B housing dev’t expansion
The money-making first home segment of developer Century Properties Group Inc. (CPG) will spend P8.39 billion to build thousands of new houses across the country as it accommodates strong demand for its projects spanning different income segments.
Antonio family-led CPG on Thursday told the exchange it would build 13,150 new housing units in nine project locations in the country under its PHirst Park Homes Inc. brand (PPHI). These will consist of PPHI’s economic, affordable and mid-income home models.
Of the total, 6,326 units will be built in Luzon, including PPHI’s PHirst Park Homes Sto. Tomas in Batangas and PHirst Park Homes Magalang East in Pampanga.
Through its partnership with Megawide Construction Corp., PPHI will also deliver 5,824 precast housing units in Cavite, Laguna and Batangas. Another 1,000 units were in the contract awarding stage, CPG said in its disclosure.
“Our initiatives, through innovative construction methods and strategic partnerships with contractors and suppliers, represent a strong continuation of our mission to provide affordable housing solutions,” said Roy Lachica, PPHI vice president for the technical operations division.
PPHI currently has 31 active projects in Luzon and the Visayas.
In the first semester of this year, PPHI completed more than 15,000 housing units, with the developer expecting the number to reach 18,000 by the end of 2025.
This development comes months after CPG announced the P500-million entry of Social Security System into the company, a transaction that analysts said could open doors for other big-time investors and accelerate growth for PPHI.
The state-run pension fund bought 740.74 million shares at P0.675 each, representing a 6.39 percent stake in CPG.
Last year, CPG also unveiled its massive P110-billion expansion plan for PPHI in the next five years. The budget will be used to bankroll the development of 35 new projects with 50,000 units.
